International

Iraq may Lose $50bn over OPEC+ Deal

Iraq’s commitment to a recent agreement by the Russian-led OPEC+ group will deprive the country of 750,000 barrels of oil per day (bpd), the former Iraqi oil minister warned yesterday. “OPEC+ deal would incur $50 billion in losses over the next two years,” Ibrahim Bahr Al-Ulloum told Russia Today (RT). …

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OPEC Cuts Oil Demand Forecast for 2020, Again

OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second month in a row as risks with the pandemic and economic activity remains skewed to the downside. In its Monthly …

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Iraq Asks KRG to Cut Production by 120,000 bpd

Iraq’s federal government has requested that the Kurdistan Regional Government (KRG) cut its oil production by 120,000 barrels per day (bpd), Iraq’s state news agency INA quoted a KRG minister as saying on Wednesday. The semi-autonomous Kurdistan Region of Iraq’s domestic oil consumption is at 30,000 bpd, INA quoted Khaled …

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Iraq to Raise Its Production Capacity to 280,000 Barrels/Day

Oil Minister, Ihsan Abduljabbar announced today, Sunday, that the ministry is planning to raise the production capacity of Baiji refineries to 280,000 barrels/day. Abduljabbar said in a statement received by Shafaq News agency, “the ministry’s plans aim to increase production from northern refineries to 280,000 barrels per day”, stressing, “in …

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Iraq Denies Baseless Reports about OPEC+ Cuts

Iraq has formally denied “baseless” reports that it was seeking to opt out of some of the terms of the OPEC+ agreement to limit oil supplies. In an official statement from the country’s Oil Ministry, a spokesman said the reports, based on quotes attributed to Oil Minister Ihsan Abdul Jabbar, …

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