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Iraq expects oil production growth in the future
13/12/2016 0:00
[rtl]Price of a barrel of Brent crude approaching $ 60
Vienna / follow - up to the morning
Oil Minister Jabbar Luaibi said Iraq was committed to cut oil production in compliance with the global agreement to support prices, stressing that Iraq, the second largest producer in OPEC, has the ability to increase production in the coming years.
He added that Iraq is considering several options for the application of cuts including reduced production from the Kirkuk oil fields and fields of the South being developed bymajor oil companies or production in other areas run by the government.
Allaibi said in a statement quoted by Reuters news agency: The «cuts aim to reach the numbers that have been agreed upon with OPEC, but in regards to the cut areas, there are several options on the table».
Last month «OPEC» agreed to cut output by 1.2 million bpd from January 2017
and will cut production of Baghdad at about 200 thousand barrels per day to 4.351 million barrels per day.
Iraq demanded exemption from OPEC restrictions due to the need for oil revenues to fight «Daesh».
Allaibi said that his ministry «locked in discussions with foreign companies that occupy the giant fields in southern Iraq to implement some cuts during scheduled maintenance periods». Trade sources also said on Monday that Iraq plans to export about 3.5 million barrels per day of crude oil from Basra from the southern ports in January, the highest level since June , despite the approval of the production cuts in the framework of anagreement with the other producers.
Traders noted that the second - largest producer among OPEC members to raise crude supplies Basra for the month of January to customers in Asia after being reduced to itslowest level in three months on the basis of an initial scheme for the Iraqi Oil Marketing Company (SOMO).
Iraq joined Saudi Arabia in raising supplies to Asia , while reducing exports to the United States and Europe to comply with OPEC 's agreement to reduce production starting from January. Oil prices rose as much as 6.5 percent to the highest level since a year and ahalf on Monday after the findings of «OPEC» Others Producers to the first agreement since 2001 jointly to reduce production in order to curb oversupply in the global market and support prices.
And increased global London Brent crude rose US $ 2.38 to US $ 57.89 a barrel, thehighest level since July 2015. The price increases 50 percent from a year ago , its highest annual increase since September 2011. The increased WTI US mediator $ 2.46 to record US $ 53.96 a barrel.
In the meantime, a source in the oil sector said that his Committee on Energy and major oil producers meeting in Russia under President Vladimir Putin , scheduled for December 19 was postponed again.
It was not immediately clear the reason behind the postponement of the meeting. It was expected to discuss the Energy Committee - and its Secretary Igor Sechin , an ally of Putin for a long time and also heads the largest oil producer in Russia , Rosneft - theimplementation of the reduction of Russia 's production of crude by 300 thousand barrels per day, as agreed by Moscow with OPEC on Saturday. Known for his anti and Sechin to OPEC she has repeatedly said: that the organization has lost its global impact due to the boom of shale oil production in the United States.
She said Lukoil 's second - largest oil producer in Russia: it is ready to cut production under the Global Compact. Tatneft said, another big producer in the country , it would cut crude output by 20 thousand barrels per day in 2017.[/rtl]
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