Minister: Iraq to boost crude oil production by year's end
Minister: Iraq to boost crude oil production by year's end
OPEC Secretary General Mohammed Barkindo speaks with the media during his visit to Abuja Nigeria Febuary 27
13 April, 2017, 02:42
Iraq has assured OPEC it will fully comply with an agreement to cut oil supply in order to bolster crude prices, OPEC Secretary General Mohammed Barkindo said yesterday in Baghdad.
Iraqi oil minister Jabbar al-Lu'aibi stated, before a conference in Baghdad and attended by Mr. Barkindo, that Iraq is implementing 98% of the oil production decrease.
Oman is part of the group of 11 non-OPEC producers-including Russia-that had agreed to act jointly with the cartel to cut oil supply, and that pledged a total production cut of 558,000 bpd. The OPEC nation's output has fallen from about 700,000 barrels last week since production halted at Sharara in southwest Libya following the shutdown of the pipeline that links the field to Zawiya, according to a person familiar with the matter who is not authorized to speak to the media and asked not to be identified.
Morgan Stanley said in a report crude stockpiles are "less visible" and have declined 72 million barrels this year - including drops in China, Japan and floating storage around the world.
"The rebound of Libyan production stalled the rally", Gene McGillian, manager of market research for Tradition Energy in Stamford, Connecticut, said by telephone. Iraq has also pledged to increase its production by the end of 2017 to 5 million barrels per day, though it is now committed to helping with OPEC's production cut.
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WTI crude oil found resistance ahead of $50.97/b which represented the 50% retracement of the March selloff.
The worldwide oil expert said the USA had taken the first step in regulating its oil market adding OPEC owes many of its scheme to an institution through which American oil producers have become united. But the price gain has also encouraged USA shale oil producers, which are not part of the pact, to boost output. Brent ended the quarter 7 percent lower and U.S. WTI fell 6 percent, largely due to U.S. production increases that have counteracted OPEC's production cuts. Libya's crude oil production hit 690,000 bpd in January 2017-the highest level in the last three years.
"In terms of its implication locally so far, message is very clear with production cut, but we will continue building stock level, if the restriction on production is lifted for whatever be the reason, we are more than ready to come back to a million barrels per day level", said H E Aufi. The U.N. estimates that more than 3 million people have been forced from their homes since 2014.
Iraq in February produced 4.4 million bpd, down 62,000 bpd from the previous month. "Work and co-operation are underway.to reach the 1.8 (million barrels a day) reduction", he added, without divulging whether Iraq is going to support an extension to that deal.
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