Iraq committed to cut his production to comply with a global pact to support prices

in BreakingNews @en by

Iraq is committed to cut his production to comply with a global pact to support prices, the country’s oil Minister said, adding he was nevertheless confident OPEC’s No. “The cuts will aim at the figures we agreed with OPEC definitely, but (for) the areas of the cuts there are many options on the table,” Luaibi told Reuters on Saturday. OPEC agreed to cut output by 1.2 million bpd from January 2017 and Baghdad, which has called to be exempted from OPEC restrictions as it needs the income to fight Islamic State, would reduce its output by around 200,000 barrels per day to 4.351 million bpd. “I can assure you that our production, I am talking with confidence, has reached the level of 4.8 million bpd.” Luaibi said and “But at the back of our minds, we are confident that this was not (the) real production level, however, we hope this would be compensated with the improvement of the prices,” he said. Iraq has accepted a lower production reference level as part of the OPEC deal that estimated its output at 4.561 million bpd. Iraq’s target was to boost its output potential to 6 million by 2020 and the 9 million bpd will be sort of appropriate after 2030.

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