Iraq Cuts Oil Production By 160,000 Bpd Under OPEC Deal
BAGHDAD, Jan 10 (Reuters) - Iraq has cut oil production by 160,000 barrels per day (bpd) since the beginning of January in line with an OPEC decision to lower output, the oil ministry said in a statement on Tuesday.
Oil Minister Jabar Ali al-Luaibi said he hoped that by the end of the month production would be cut by 210,000 bpd, in line with the OPEC-agreed cap for Iraq, according to the statement.
Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), said on Monday exports from its southern oil ports had reached a record 3.51 million bpd, but it was nonetheless lowering nationwide production.
OPEC agreed in November to cut output by 1.2 million bpd from January 2017 to support prices.
A separate ministry statement on Tuesday said Luaibi had invited Angolan oil company Sonangol to begin working at the Qayyara and Najma oil fields in northern Iraq by the end of February.
The ministry was "working to enable oil companies in Iraq to operate by removing obstacles" in areas recaptured in recent months from insurgents.
Sonangol had pulled out of an agreement to increase output at the Qayyara fields in 2014, citing the mounting security risk.
Iraqi oil workers have capped a number of burning wells set alight by Islamic State militants as they retreated from Qayyara towards Mosul, where U.S.-backed Iraqi forces are pressing an offensive against the group.
Qayyara and Najma used to produce up to 30,000 bpd of heavy crude before they fell under control of the ultra-hardline jihadists.
Reliant on oil sales for most of its income, Iraq had resisted production cuts, saying it needed revenue to fund a war against Islamic State militants who seized a third of the country's territory in 2014.
But it has accepted a lower production reference level as part of the OPEC deal that estimated its output at 4.561 million bpd.
(Reporting by Ahmed Rasheed and John Davison; Editing by Susan Fenton and Mark Potter)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension