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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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    Iraq's oil production in September is less than its OPEC+ quota

    Rocky
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    Iraq's oil production in September is less than its OPEC+ quota Empty Iraq's oil production in September is less than its OPEC+ quota

    Post by Rocky Sun 13 Oct 2024, 4:55 am

    Iraq's oil production in September is less than its OPEC+ quota

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    Economy News - Baghdad
    [rtl]Iraq's oil production fell to 3.94 million barrels per day in September, below its OPEC+ quota of around four million, an Iraqi official said, as Baghdad seeks to boost its commitment to its production target.[/rtl]
    [rtl]The production figure given by the official, who asked not to be named, contradicts the results of a Reuters survey on Oct. 3, which found that Iraq pumped 90,000 bpd more than its quota in September.[/rtl]
    [rtl]Asked about the survey results, the official said Iraq's oil production was below quota due to lower exports, domestic consumption and Kurdistan Region production.[/rtl]
    [rtl]A source told Reuters last month that there was an intention to reduce Iraq's oil production to between 3.85 and 3.9 million barrels per day in September as part of a plan to compensate for production exceeding its quota.[/rtl]
    [rtl]Countries' compliance with their quotas was the focus earlier this month at a meeting of senior ministers from OPEC+, which includes the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, sources told Reuters.[/rtl]
    [rtl]Quota compliance is expected to remain high on the OPEC+ agenda in the coming weeks, particularly in the case of Iraq and Kazakhstan. The two countries promised so-called compensatory cuts of 123,000 barrels per day in September, and deeper cuts in subsequent months to compensate for their past overproduction. Iraq, Kazakhstan and Russia informed the meeting this month that they had met their pledges for cuts in September, an OPEC statement following the meeting said.[/rtl]
    [rtl]Oil production in Iraq is a cornerstone of the country’s economy, with Iraq having one of the largest proven oil reserves in the world. According to the latest estimates, Iraq ranks fifth in the world in terms of oil reserves, at around 145 billion barrels of crude oil, making it a major player in global oil markets, as the Iraqi economy relies heavily on oil revenues, which account for more than 90% of government revenues.[/rtl]
    [rtl]Despite the huge potential that Iraq possesses, oil production faces several challenges, the most prominent of which is the severe damage to the oil infrastructure in Iraq during wars and conflicts, which has hindered the increase in production capacity in the country.[/rtl]
    [rtl]On the other hand, some oil fields, especially in the north, are located in areas suffering from security instability due to the presence of armed groups, which hinders production and transportation operations. Political disputes between the central government in Baghdad and the Kurdistan Regional Government, and those related to the sharing of oil revenues and control of fields in the north, continue to disrupt production operations and prevent their development.[/rtl]


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