Tuesday, August 23, 2016

Iraq Ramps-Up Oil Production Before OPEC Meets

A general view shows a lake of oil at Al-Sheiba oil refinery in the southern Iraq city of Basra, in this January 26, 2016 file photo. REUTERS/Essam Al-Sudani/Files

Reuters: Iraq asks foreign companies to raise oil output, exports

Aug 23 Iraq on Tuesday asked foreign oil companies to increase oil output and exports, as Baghdad joined those spotlighting production potential ahead of a major energy gathering late next month.

Oil Minister Jabar Ali al-Luaibi, who took up his post this month, met in Baghdad with oil companies operating in Iraq.

"The minister reaffirmed support for the operations of international companies in order to increase the production and export rates of crude oil and natural gas," ministry spokesman Asim Jihad said.

The meeting aims at "opening a new chapter in cooperation" with the foreign companies, he said.

Iraq is OPEC's second-largest producer after Saudi Arabia and an increase in its output, alongside that of Iran, could aggravate the global oil glut and complicate discussions between OPEC and non-OPEC producers on output limits to prop up prices.

Read more ....

WNU Editor: I guess the Iraqis are predicting this .... Oil Prices Slump as Hopes of OPEC Production Agreement Fade (WSJ).

1 comment:

rjbrash said...

Reuters reported "anonymous sources" this morning saying that Iran may support joint action to prop up the oil markets. Crude prices pop. Iran then denies the story. Crude prices ignore the denial. In other news the VIX gets knocked down and the S&P goes to a new record. I'm glad I stopped trading years ago.