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Kurdistan Regional Government (KRG) Does Not Plan On Abiding By OPEC Oil Cut Agreement

November oil export numbers show the KRG has exported on average, 587,646 barrels of oil per day.


November oil export numbers show the KRG has exported on average, 587,646 barrels of oil per day.  This comes after a Kurdish official said the KRG has not shown interest or willingness to abide by the OPEC deal agreed upon in December that called for all OPEC members to scale back oil production in order to avoid a further oil surplus. 

“The Kurdistan Region will continue its oil exports as before and has not decided to abide by the OPEC accord to reduce the exportation of oil,” Dilshad Shaaban, deputy head of the energy and natural resources committee in the Kurdistan Parliament, told Rudaw on Monday.

This is in contrast to Minister of Oil in Iraq, Jabbar al-Luaibi who Kurdistan, along with various international OPEC members had all agreed to reduce oil exports in accordance with the December meeting. 

“Kurdistan is within Iraq and we are in agreement,” Bloomberg quoted al-Luaibi, as saying at a meeting of the Organization of Arab Petroleum Exporting Countries, known as OAPEC. 

Mr. Shaaban had recently stated that Kurdistan Region is not an OPEC member and further has no agreement with Baghdad and therefore, KRG does not have to abide by the OPEC agreement to reduce oil production. Mr. Shaaban continued, “there is only one way through which the KRG will commit to reduce its oil exports in case of it reaches an oil accord with Baghdad. But it is unlikely to happen.”

OPEC members had agreed to reduce oil production by 1.2 million barrels per day to help bring oil prices up and Iraq agreed to reduce total output by 210,000 barrels per day, coming out to 4.5 percent of overall production for Iraq. 


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