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OPEC Output Cut To Remain Unchanged In March

OPEC+ output cut will remain unchanged in March according to Iraq Oil Minister

In an interview Wednesday with Reuters, Iraqi Oil Minister Ihsan Abdul Jabbar stated that OPEC+ will be keeping its output cuts policy the same for March of this year. However, he added that Saudi Arabia would likely discontinue its voluntary cut of 1 million barrels per day (bpd) as oil prices rally.

Last month Saudi Arabia made an announcement that they will be making a unilateral production cut or 1 million bpd for the months of February and March.

As oil exports and prices slowly increase, Abdul Jabbar expects Iraqi exports to average about 2.9 million bpd. Iraq's production on the other hand would average 3.6 million bpd this month if the autonomous Kurdistan region keeps to their side of the agreement with the OPEC+ output cuts.

He also mentioned the deal to develop Iraq's Akkas gas field to which he expresses hope that Saudi Aramco might get a share. Currently, the consortium led by oilfield services provider Schlumberger is the most possible winner of that project and that they intend to cancel their agreement over Akkas with South Korea's KOGAS in the coming months.

Abdul Jabbar added that he anticipates oil prices to reach $58 to $63 this year. 



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