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Parliamentary Committee Determines Reasons for Reducing Oil Production in Iraq
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Economy News - Baghdad
Member of the Parliamentary Oil, Gas and Natural Resources Committee, Basem Al-Gharibawi, revealed that the reduction in Iraqi oil production came as a result of the Kurdistan Region’s excesses in production outside the Iraqi state’s accounts.
Al-Gharibawi explained in an interview followed by "Al-Eqtisad News", that "the region's production ranges between 250 and 300 thousand barrels per day outside the official state accounts, which led to a reduction in the quantity of Iraqi exports."
Al-Gharibawi added that "Iraq is committed to a specific production that does not exceed four million barrels per day, and exports are calculated based on this quantity." He pointed out that "Iraq currently exports about 3.45 million barrels per day, but exports have been reduced due to unaccounted production from the Kurdistan Region."
Al-Gharibawi explained that "the reduction directly affects other producing governorates, especially Basra, which bore the burden of this reduction due to the central government's inability to control the region's production."
Yesterday, the head of the market research department at the Iraqi Oil Marketing Company (SOMO) confirmed that Iraq reduced its oil production by 260,000 barrels last September, and is now producing less than the quota set under the OPEC Plus agreement.
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Added 10/13/2024 - 11:11 AM
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Economy News - Baghdad
Member of the Parliamentary Oil, Gas and Natural Resources Committee, Basem Al-Gharibawi, revealed that the reduction in Iraqi oil production came as a result of the Kurdistan Region’s excesses in production outside the Iraqi state’s accounts.
Al-Gharibawi explained in an interview followed by "Al-Eqtisad News", that "the region's production ranges between 250 and 300 thousand barrels per day outside the official state accounts, which led to a reduction in the quantity of Iraqi exports."
Al-Gharibawi added that "Iraq is committed to a specific production that does not exceed four million barrels per day, and exports are calculated based on this quantity." He pointed out that "Iraq currently exports about 3.45 million barrels per day, but exports have been reduced due to unaccounted production from the Kurdistan Region."
Al-Gharibawi explained that "the reduction directly affects other producing governorates, especially Basra, which bore the burden of this reduction due to the central government's inability to control the region's production."
Yesterday, the head of the market research department at the Iraqi Oil Marketing Company (SOMO) confirmed that Iraq reduced its oil production by 260,000 barrels last September, and is now producing less than the quota set under the OPEC Plus agreement.
48 views
Added 10/13/2024 - 11:11 AM
[You must be registered and logged in to see this link.]
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