Kuwait rig

Iraq signals it won’t freeze output

IRAQ, September 23, 2016 – Minister of Oil Jabar Ali Al Luaibi in a statement on Thursday said Iraq aims to increase its production by more than 375,000 bopd, lending credence to the assumption that next week’s OPEC gathering will not result in an agreement on capping output.

 

“Iraq’s fixed policy is to maintain Iraq’s share estimated at between 4.75-5 million barrels per day,” the minister said. According to the ministry’s Oil Marketing Company, the country produced 4.622 million bopd in August, which means Iraq will work to add between 128,000 and 378,000 bopd in production in the near term.

Al Luaibi statement fuels speculation that OPEC’s meeting in Algeria next week will result in an agreement on some sort on a quota system as opposed to solid decision on freezing oil production.

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