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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    OPEC awaits global production estimates to confirm Iraq's compliance

    Rocky
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    • Post n°1

    OPEC awaits global production estimates to confirm Iraq's compliance Empty OPEC awaits global production estimates to confirm Iraq's compliance

    Post by Rocky Today at 4:59 am

    OPEC awaits global production estimates to confirm Iraq's compliance

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    Economy News - Baghdad
    OPEC is eagerly awaiting the second week of October, awaiting the release of secondary sources’ reports on member states’ production estimates, to ensure Iraq’s commitment to the production compensation plans that it was supposed to start implementing last September.
    During the meeting held yesterday, Wednesday, Iraq, Kazakhstan and Russia confirmed achieving full compliance and compensation according to the timetables submitted for the month of September. The three countries also renewed their strong commitment to maintaining full compliance and compensation throughout the remaining period of the agreement. The organization indicated that the final assessments of crude oil production levels in September are based on approved secondary sources that provide data on the production of the countries participating in the Declaration of Cooperation, which will be available by the second week of October 2024.
    Iraq's production capacity is 4.6 million barrels per day, but according to the OPEC reduction agreement, Iraq's share was 4.4 million barrels per day. However, it made voluntary cuts in two stages, which made its share only 4 million barrels per day, but it did not adhere to all of these stages, to present a compensation plan starting from September 2024 and ending in September 2025.
    This compensation plan includes Iraq reducing its production by between 90 and 120 thousand barrels per day, which means that Iraq’s production starting in September should be about 3.9 million barrels per day only, with the production of the Kurdistan Region.
    While everyone is waiting for the secondary sources’ estimates to be released, Bloomberg’s estimates, which have already been released, indicate that Iraq has reduced its production by a relative 70,000 barrels per day, but it is still far from achieving the compensation plan, as well as the voluntary reduction plan in particular, as it produced 4.25 million barrels per day last September, which is about 10% more than the production that Iraq is supposed to produce in September, which is only 3.9 million barrels per day.
    There were reports of "Saudi discontent" with the failure of some OPEC member states to adhere to production quotas, which could lead to Saudi Arabia and the major producing countries abandoning the agreement, increasing their production and flooding the market, which could lead to a major collapse in oil prices, or what is known as a "price war."
     


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