Iraq’s OilMin: Ready and committed to comply with oil output cut

Dhwani Mehta FXStreet

Speaking at a forum on Tuesday in Abu Dhabi, Iraq’s Oil Minister Thamir Ghadhban said that "we are trying to agree to our commitment that we agreed with OPEC, but we are having difficulties”.

Additional Quotes:

The reason why is because we have been having difficulties with disagreements between the regional and federal governments.

The Kurdish region has boosted its production, while Iraq's domestic demand increased during the summer.

Iraq intends to reduce its output starting in October to be more in line with OPEC cuts, with output reduced from state-operated oil fields.

We had around 200,000 barrels a day [of domestic crude burn] during the summer, which is around 125,000 barrels a day above our winter demand.

This was in addition to the increase in Kurdish production and higher export capacity.

Starting this month, Iraq's domestic crude burn will decline to about 80,000 to 85,000 b/d.

Goldman Sachs cuts 2019 oil demand growth forecast, WTI hovers around $ 58

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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