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OPEC’s second-largest producer, Iraq, complying or not?


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Link: https://oilprice.com/Energy/Crude-Oil/Is-OPECs-No2-Finally-Complying-With-Output-Cuts.html

 

Article:

 

Is OPEC’s No.2 Finally Complying With Output Cuts?

By Tsvetana Paraskova - Jun 09, 2020, 10:00 AM CDT

OPEC’s second-largest producer, Iraq, which also happens to be the least compliant member of OPEC+ since the group started managing supply to the market in 2017, may have finally started taking its obligations seriously.

Iraq’s State Oil Marketing Organization (SOMO) has asked some of the Asian buyers of its Basrah crude grades if they could give up delivery of some already contracted cargoes for loading this month and next, sources familiar with the matter told Bloomberg News on Tuesday.

The request for buyers to forgo some cargoes for those months suggests that this time, Iraq may be earnest in its attempt to play ball in the OPEC+ production cuts, after being the biggest cheater in all previous pacts.

Iraq’s (as well as Nigeria’s) non-compliance with the record OPEC+ cuts in May nearly wrecked last week’s meeting of the pact, ahead of which the two leaders of the group, Saudi Arabia and Russia, had insisted that there would be an extension by one month to the current level of cuts only if laggards in compliance ensured over-compliance going forward to compensate for flouting their quotas so far.

OPEC+ agreed on Saturday to extend the record production cuts of 9.7 million bpd by one month through the end of July, contingent on all countries in the pact complying 100 percent with their quotas and compensating for lack of compliance by overachieving in the cuts in July, August, and September.

Before the meeting, Iraqi Deputy Prime Minister and then-acting Oil Minister, Ali Allawi, vowed that his country would further reduce production as it remains committed to the OPEC+ pact.

At the video news conference following the OPEC+ meeting, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, emphatically said on Monday that “We have no room whatsoever for lack of conformity.”

Today, Iraq’s new Oil Minister, Ihsan Abdul Jabbar Ismaael, confirmed in a phone call with his Saudi counterpart Iraq’s “full commitment” to the cuts, OPEC said in a press release on Tuesday. Iraq confirms “its commitment to the voluntary oil production adjustments of June and July 2020, as well as the voluntary adjustments for the period following the end of July, despite the economic and financial challenges,” Ismaael told the Saudi energy minister.

By Tsvetana Paraskova for Oilprice.com

 

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Thanks Adam, So maybe these oil producers are seeing that they can't save Iraq by ignoring OPEC on production and an indication that a rise in the value of the currency is the only inevitable answer.... Just speculation on my part of course... 

I'm Really liking where we're at right now!! Go RV!!! :twothumbs:

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3 minutes ago, Adam Montana said:

OPEC+ agreed on Saturday to extend the record production cuts of 9.7 million bpd by one month through the end of July, contingent on all countries in the pact complying 100 percent with their quotas and compensating for lack of compliance by overachieving in the cuts in July, August, and September.

 

Note the bolded portion... and then note Iraq's response:

 

4 minutes ago, Adam Montana said:

Today, Iraq’s new Oil Minister, Ihsan Abdul Jabbar Ismaael, confirmed in a phone call with his Saudi counterpart Iraq’s “full commitment” to the cuts, OPEC said in a press release on Tuesday. Iraq confirms “its commitment to the voluntary oil production adjustments of June and July 2020, as well as the voluntary adjustments for the period following the end of July, despite the economic and financial challenges,”

 

Read between the lines here... he repeated the word "voluntary" at least twice, and what he means is that they will do whatever the heck they want, when they want.

 

:pirateship:

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Iraq can hurt OPEC members financially, by ramping up it's oil...which would lower the price of oil for all. OPEC have to cooperate to some degree, they have to let Iraq prosper, or Iraq could hurt them by ramping up oil production, driving down prices of oil. Iraq needs it's fair share of money, needs to share in the oil prosperity...or else. This means a higher value for the Dinar....imo:moneybag::peace:

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Oil prices

ALaa Fahd 


With any decline in the level of world oil prices, the state of the Iraqi economy will be affected and its balance will permeate, and the pressure of employees and retirees increases for fear of their salaries and earnings, because rent is the characteristic of the Iraqi economy, and pessimism and economic analysis begins for all segments of society, starting from the grocer and the green seller, to the merchant and the farmer, and the whole Watch and watch the oil price exchange, start raising prices and ask about the price of the dollar, even though he does not deal with it at all.

Hence it is worth noting that we follow the whims and dances of oil prices on the drum sounds of OPEC, and we do not think of solutions that relieve our headache and our high pressure, but rather we begin to search for a home that calms anxiety without seeking a permanent treatment.

Is it possible that we continue with this concern and do not search for a fundamental solution, even though our economy possesses the ingredients and financial and natural resources that can make it a pioneer and a developer in all its aspects ...

The daily pension of a simple employee today is threatened and unstable, and the retired are worried about not spending his pension, and this is accompanied by instability in fiscal and monetary policy, and the presence of protests, demonstrations and a fatal Coronian epidemic.

Whoever possesses the algorithm solution for oil syndrome and its prices, and who owns a treatment to treat high blood pressure, which has become an attribute inherent to every Iraqi who lives in the land of blackness and drinks from the Tigris and Euphrates water, and does not eat what his hands have been planted, and is waiting for goods from other countries to exchange his oil imports for his own food, and to cut This trade was stranded and high blood pressure continued.

Here we have to turn to the activation of our sectors, which can be described as permanent oil, which obviates us from the great impact of the pitfalls of external crises. 

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Foreign Minister stresses the importance of Iraqi-Russian coordination within (OPEC +)

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11th June, 2020

 

Today, Thursday, Foreign Minister Fuad Hussain met with the Russian Federation's ambassador to Baghdad, Maxim Maksimov

A statement of the Ministry received, "Gilgamesh Press," said that he "handed the Ambassador a congratulatory message addressed to the Minister from his Russian counterpart, Sergey Lavrov, on the occasion of his assumption of his duties as Minister of Foreign Affairs, wishing him success and success

He added that "the two sides reviewed the prospects for cooperation between the two countries in the political, economic and scientific fields

The minister expressed "his hope to achieve a soon meeting in Moscow, to discuss the various issues thatconcern the two countries, especially economic and trade cooperation," noting that "one of the priorities of the current government is to rebuild the Iraqi economy, in addition to the importance of coordination between Russia and Iraq and the rest of the oil exporting countries within (OPEC +) formula

He affirmed, "The ministry is ready to overcome any obstacles that hinder the work of the Russian embassy, in the context of strengthening historical relations between the two countries

For his part, the Russian ambassador praised the "high level of coordination between the two countries in the field of combating terrorism, and the work of Russian companies to build and develop Iraqi infrastructure in the oil and electricity sector, in addition to scientific and technical cooperation

The Russian ambassador expressed his hope that the ninth session of the joint committee will be held in Moscow at the end of 2020 after the end of the Corona virus crisis

He invited the Minister, as head of the Iraqi side of this committee, to visit Moscow and meet Lavrov

 

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Iraqi Foreign Minister receives an official invitation to visit Russia  
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China's imports of US oil will hit a record high in July

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12th June 2020

 

Refinitiv data showed that China is scheduled to import a record amount of US crude oil in July, as shipments seized by bargain hunters during price turmoil in April will be delivered to the world's largest importer of crude

Data show that an estimated 2.68 million tons of US crude will reach the world's second largest oil consumer in July. That is a sixfold increase in the previous two months, and more than a previous record of just over two million tons in January 2018

Chinese refiners mainly bought shipments in April, when US crude grades fell, marking the largest cash discount ever on the market. Beijing began granting a duty exemption to US imports from early March

Data show that China's total crude imports are heading to a new record in June, exceeding the previous record recorded in May of 48 million tons

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The level of demand and storage affect Iraq's oil exports to China and India

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12:35 - 13/06/2020
 
 

The flow of Iraqi crude oil to the giant consumers of oil in Asia, India and China, has taken a new turn in the past two months, influenced by declining demand for oil, commercial activities as well as lower global prices due to the Corona pandemic.

And the American website Forbes magazine stated in a report translated by the agency "Information" that "Basra's exports of oil to the Indian markets continued to decline in May, reaching its lowest level since mid-2018, while exports to China rose to an all-time high after Months of fueling fears about Iraqi exports to the Chinese market.

He added that “Iraqi oil exports to China increased in the month of April to about 1.5 million barrels per day, a remarkable increase compared to the average of approximately one million barrels in 2019, and continued strong in May, as China took advantage of low oil prices to continue building stocks, while reopening its economy gradually".

"In addition to the reopening of the Chinese economy, Basra Light crude made up more than 90 percent of Iraq’s exports to China in the past April and May," said senior analyst at Kepler Oil Information Corporation Humayun Flakshahi . Another element that played a role in increasing Basra's light imports was the opportunistic purchase of storage and a boom in commercial activity on the Shanghai International Energy Exchange, as Reuters reported that some investors were filling up the commercial storage tanks owned by the Shanghai China Futures contract, betting on the recovery of oil prices again.”

He continued that "oil exports from northern Iraq through the port of Ceyhan also witnessed a significant increase in the month of May, where shipments to China accounted for 44 percent of the total exports, which amounted to about 400 thousand barrels per day last month." In the meantime, Iraqi oil exports to India in general fell to their lowest level in several years during the month of May last, to reach 724 thousand barrels per day, a decrease of 30 percent from March, while the average Iraqi crude exports to the Indian market last year were nearly One million barrels per day.”

An informed Iraqi source, who asked not to be identified, confirmed the decline in Iraqi exports to India in April and May, claiming that "the Indian request has now returned in earnest." However, the source pointed out that the current OPEC + agreement to cut production, and the need for Iraq to comply with its share, "is already restricting the processing of demand." 

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An American bank expects world oil demand to shrink 10 million barrels per day in 2020

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14th June, 2020

 

Bank of America predicted, on Sunday, the global oil demand will shrink 10 million barrels per day in 2020

The bank said in a statement that it is expected that the global demand for oil will shrink by 10 million barrels per day on an annual basis in 2020

The bank added that it is also expected that the average demand for oil will reach 98 million barrels per day in 2021

The Bank of America is the second largest commercial bank in the United States of America by market value, and it is the largest American bank that provides financial services and the largest in terms of property

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JP Morgan: Saudi Arabia is moving towards extending its control over the global oil market

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14th June, 2020

 

At the highest level since the 1980s, it is Saudi Arabia's share of the global oil markets, which World Investment Bank JP Morgan said in a recent report that it is in a better position to withstand long recessions

The report indicated that investing in production in other regions in the wake of the Corona virus crisis will strengthen Saudi control of the global oil market as it leads to battle market shares amid low US production as well as production from producing countries outside OPEC

JP Morgan expects the members of the Organization of Petroleum Exporting Countries to fill the supply gap, as soon as oil prices reach $ 60 a barrel, the price OPEC countries need on average to achieve a balance intheir budgets

According to the report, the drop in oil prices prompted oil and gas companies to announce spending cuts that will total 625 billion dollars by the end of the current decade

The American bank expects global oil demand to average 91 million barrels per day in 2020, nine million less than earlier estimates, with consumption recovering only to pre-pandemic levels of 100 million barrels per day last November

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The Minister of Oil: Stopping burning gas and improving fuel quality is one of our priorities

النفط تكشف اضافة وحدات انتاجية لمصافي الجنوب والدورة والسماوة وكركوك والنجف

 

14th June, 2020


The Oil Minister stressed the importance of maximizing national production of oil derivatives and improving its quality to meet the local need.

The Minister of Oil, Ihsan Abdul Jabbar, said during his visit to the Al-Wasat Refineries Company in the session that the ministry is working to develop Iraqi refineries by adding a number of production units, including units for the isomerization and nitrogen and improving gasoline and others, which aim to increase the refining capacities of Iraqi refineries and improve their quality.

Abdul-Jabbar added that officials in the ministry will follow up on oil projects in the field, with the aim of expediting their implementation on the one hand, and overcoming obstacles and difficulties on the other hand, noting that the ministry aims to put in place the appropriate mechanisms and facilities to encourage investment in this sector, stressing the need to unify efforts from In order to overcome the challenges facing our country and our people.  

For his part, Undersecretary for Liquidation Affairs Hamid Younis revealed the ministry's plans to add new production units to the southern refineries, Dora, Samawah, Kirkuk, Najaf, and others, and that the ministry attached great importance to this vital sector because of its importance in providing oil products. While the Director General of the Central Refineries Company, Ayed Jaber, confirmed that the spread of the Corona pandemic has impeded the achievement and the death of a number of production units due to the embargo and the restriction of travel and the inability of foreign experts to arrive, and we hope that they will arrive if travel procedures are eased, and that the new production units will increase the production capacity.  

The Minister was accompanied on his visit to the company by the directors of the departments of technical and economic studies, the directors of the economic, technical, studies and planning departments, the director of the office and the spokesperson for the ministry.

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Bloomberg: Iraq called on "BP" to cut production at the country's largest crude oil field

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14th June, 2020


The Iraqi authorities asked British Petroleum to reduce production in the country’s largest crude oil field in Rumaila by 10 percent, in compliance with the recent agreement with OPEC Plus to reduce production, according to Bloomberg news agency, quoting an informed source.

This field produces 1.5 million barrels per day.

The Organization of the Petroleum Exporting Countries and its partners agreed to cut production by 10 million barrels per day until the end of July in order to support prices, as Iraq was asked to adhere to this reduction after it failed to comply with what was agreed upon in May, as it continued to pump an additional 600,000 barrels on its share. Amounting to 3.6 million barrels, according to Bloomberg data.

During the past week, the Iraqi authorities asked some Asian refineries to abandon contracted shipments, so that they can abide by their agreement with OPEC.

The grouping of oil producers is trying to control prices, which have been affected by declining demand due to the Corona pandemic.

At the end of last week, oil prices recorded the first weekly loss since April, and Brent settlement was at $ 38.73 a barrel, up 18 cents, while West Texas Intermediate crude was settled at $ 36.26 a barrel, down by eight cents.

The benchmarks recorded a weekly decline of about eight percent, the first after six weeks of gains that lifted prices from the civilian levels reached in April.

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Oil Minister: We will export 2.8 million barrels on average in June

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15th June, 2020
 


Oil Minister Ihsan Abdul Jabbar Ismail said that Iraq will export 2.8 million barrels per day of oil on average in June.
 
Ismail continued that it is in Iraq's interest to adhere to the OPEC + agreement to cut production.
 
He also added that his ministry asked the Kurdistan region to export a maximum of 370,000 barrels per day, starting in June, to help Iraq comply with the OPEC + quota.

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Iraq announces that it will issue 2.8 million barrels and direct an order to Kurdistan

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15th June, 2020

Said Minister of Oil of Iraq appointed newly Ihsan Abdul - Jabbar Ismail Sunday that Iraq will be issued 2.8 million barrels per day of oil in the Mediterranean in June June

He said Ismail in an interview with Channel East that the benefit of Iraq 's compliance with the agreement of OPEC to cut production

He added also that his ministry had asked the authorities to the territory of Kurdistan to export 370 thousand barrels per day at a maximum starting from June June to help Iraq in compliance with the share of OPEC +

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Reuters: Iraq reduces July exports to Asia from Basra crude in compliance with OPEC cuts

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16th June 2020

 

Even well-informed sources said on Tuesday that the Iraqi Oil Marketing Company (SOMO) made deep cuts to Basra crude supplies destined for Asia in July, in light of the commitment of the producer to the OPEC + agreement to reduce supplies

The Iraqi supply cut comes following a similar reduction from the world's largest oil exporter Saudi Arabia

Both producers are members of the Organization of the Petroleum Exporting Countries, which agreed earlier this month with allies including Russia, within the framework of the OPEC + group, to extend unprecedented production cuts of 9.7 million barrels per day for a third month until the end of July

Iraq, already late for its goal, is taking measures to further reduce production and exports since June

As for July, Basra crude supply cuts to Asia between 30 and 100 percent of the contracted volumes, the sources said, adding that the degree of reduction varied from one buyer to another

A source said, “Some did not receive any provision. The sources said that the discounts for two Indian buyers amounted to about 36 percent and 75 percent of the contracted monthly volumes.  They added that the total volume of Basra crude supplies for the month of July is expected to decrease between 15 and 20 percent on average

The newly appointed Iraqi Oil Minister said on Monday that Iraq intended to export 2.8 million barrels per day of Basra crude from its southern ports in June

It was not yet possible to contact SOMO for comment outside of business hours

The reduction in crude supplies from OPEC countries + the prices of high-sulfur crude in the Middle East and Russia have pushed up in Asia, prompting buyers to try to save oil from other regions, traders sa

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Iraq "The Best Place on Earth to find and Produce Oil"


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17th June, 2020


Petrel Resources has said that its operations in Iraq, which had been dormant for some time, are "once again showing life".

In its Preliminary Results for the Year Ended 31/12/19, the company said:

"Our Iraqi, director, Riadh, is actively promoting our ongoing interest in participating in the development of the many oil opportunities in Iraq. It remains the best place on earth to find and produce oil.

"The political situation is finally stabilising. We have reconnected with people who assisted us between 1999 - 2010 when we were active in the country. Though only a small company, we have a track record in Iraq, we worked there for more than a decade and have a wealth of data on the oil geology of the country.

"We are hopeful that we will get an opportunity to play a part in developing the oil industry."

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The oil minister discusses market developments after the OPEC + agreement

 

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18th June, 2020

 

Oil Minister Ihsan Abdul-Jabbar and Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Muhammad Barikindo stressed the role of Iraq in stabilizing oil markets, while a spokesman for the Ministry of Oil indicated that the percentage of completion of rehabilitation of the People's Hall in Baghdad, which is hosting the Opec celebration, reached (85%)

The Oil Ministry said in a statement, "Economy News" received a copy of it, that "Oil Minister Ihsan Abdul Jabbar held a meeting today with the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Muhammad Barikindo via the television
 
The Minister of Oil stressed "the importance of the cooperation of all parties of the producers to achieve the goals of the agreement to reduce oil production, in order to restore balance and stability to the global oil markets
 
He added that "the meeting discussed the discussion of a number of issues of common concern, in addition to the challenges facing the oil market due to Corona Virus (Covid 19) and developments in the oil market after the (OPEC +) agreement and expectations that indicate high demand and increasing prices, and the importance of cooperation of all producers for Achieving common goals in achieving more stability and balance for the oil market
 
OPEC Secretary-General Mohamed Barikndo stressed in the meeting "the importance of the role played by Iraq in stabilizing global energy markets," praising the "policy pursued by the Iraqi government and the Ministry of Oil. He considered that "Iraq is one of the cornerstones of the global energy market
 
For his part, the spokesman for the ministry, Assem Jihad, said that "the meeting also discussed discussing the initial preparations for the (OPEC) celebration on the occasion of the 60th anniversary of its founding in Baghdad. The importance of the big role that Iraq plays in the global energy markets
 
Jihad pointed out, "Achieving a completion rate of (85%) to rehabilitate the People's Hall hosting this celebration, which is being implemented by the Oil Projects Company, one of the formations of the Ministry of Oil

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12 hours ago, Mary B said:

Good morning DT, a little brain fog set in could you please move the Iraq central Bank out of the Iran central Bank and make a new thread Thank you I tried to send a pm but I wasn't allowed

 

11 hours ago, DinarThug said:

Good Morning Mary ! B) 

I’m Not A Mod - But I’ll Report This Post So That A Mod Will See It ! ;) 

Thanks For All Ur Great Work ! :reading-newspaper:          :D  :D  :D 

 

10 hours ago, Mary B said:

thanks for your help

 

Ur Welcome - And Hopefully A Mod Saw The Report On The Other Thread ! ;) 

 

https://dinarvets.com/forums/index.php?/topic/275098-today-the-head-of-the-iranian-central-bank-in-baghdad/

 

:D  :D  :D 

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Learn about the largest oil exporters in 2019

 

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18th June, 2020
 

Iraq ranked third among the most oil-exporting countries in 2019, with four million barrels per day, while Angola ranked last

According to the Saudi newspaper, Al-Iqtisadiah, Iraq ranked third in terms of the most oil-exporting countries by four million barrels per day, while Saudi Arabia came first and exports amounted to 7.04 million barrels per day, followed by Russia second and exports reached 5.3 million barrels per day

Then came Canada, with exports amounting to 3.3 million barrels per day, and then ranked fifth, the United States, with exports amounting to 3 million barrels per day. The UAE ranked sixth with 2.6 million barrels per day, and then ranked seventh came Kuwait with two million barrels per day

The newspaper added that the eighth place was occupied by Nigeria by about 1.9 million barrels per day, Kazakhstan by 1.4 million barrels per day, and Brazil by 1.3 million barrels per day, while Norway ranked 11th with exports of 1.23 million barrels per day, then Mexico with 1.2 million barrels per day. Finally, Angola, 1.1 million barrels per day

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The oil minister discusses market developments after the OPEC + agreement

21508.jpg
 

18th June, 2020

 

Oil Minister Ihsan Abdul-Jabbar and Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Muhammad Barikindo stressed the role of Iraq in stabilizing oil markets, while a spokesman for the Ministry of Oil indicated that the percentage of completion of rehabilitation of the People's Hall in Baghdad, which is hosting the Opec celebration, reached (85%)

The Oil Ministry said in a statement, "Economy News" received a copy of it, that "Oil Minister Ihsan Abdul Jabbar held a meeting today with the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Muhammad Barikindo via the television
 
The Minister of Oil stressed "the importance of the cooperation of all parties of the producers to achieve the goals of the agreement to reduce oil production, in order to restore balance and stability to the global oil markets
 
He added that "the meeting discussed the discussion of a number of issues of common concern, in addition to the challenges facing the oil market due to Corona Virus (Covid 19) and developments in the oil market after the (OPEC +) agreement and expectations that indicate high demand and increasing prices, and the importance of cooperation of all producers for Achieving common goals in achieving more stability and balance for the oil market
 
OPEC Secretary-General Mohamed Barikndo stressed in the meeting "the importance of the role played by Iraq in stabilizing global energy markets," praising the "policy pursued by the Iraqi government and the Ministry of Oil. He considered that "Iraq is one of the cornerstones of the global energy market
 
For his part, the spokesman for the ministry, Assem Jihad, said that "the meeting also discussed discussing the initial preparations for the (OPEC) celebration on the occasion of the 60th anniversary of its founding in Baghdad. The importance of the big role that Iraq plays in the global energy markets
 
Jihad pointed out, "Achieving a completion rate of (85%) to rehabilitate the People's Hall hosting this celebration, which is being implemented by the Oil Projects Company, one of the formations of the Ministry of Oil

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Oil Minister and OPEC Secretary stress the importance of Iraq’s role in stabilizing energy markets
 

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18th June, 2020

 

On Wednesday, Oil Minister Ihsan Abdel-Jabbar stressed the importance of cooperation between all producers to achieve the goals of the agreement to reduce oil production to restore balance and stability in the global oil markets

A statement of the Ministry of Oil, received by "Gilgamesh Press", stated that "Oil Minister Ihsan Abdul Jabbar held a meeting via the television department with the Secretary General of the Organization of the Petroleum Exporting Countries" OPEC "Muhammad Barikindo

He added, "The meeting discussed a number of issues of common concern, in addition to the challenges facing the oil market due to Corona Virus (Covid 19) and developments in the oil market after the (OPEC +) agreement and expectations indicating high demand and increasing prices, and the importance of cooperation of all producers from In order to achieve the common goals in achieving more stability and balance for the oil market

Abdul-Jabbar pointed out, according to the statement, the OPEC Secretary-General affirmed at the meeting the importance of the role that Iraq plays in stabilizing global energy markets, praising the policy pursued by the Iraqi government and the Ministry of Oil, and Iraq is again one of the cornerstones of the global energy market

For his part, Ministry spokesman Assem Jihad said that "the meeting also discussed the initial preparations for the (OPEC) celebration for the 60th anniversary of its founding in Baghdad, this celebration, which is scheduled to be held in Baghdad in the middle of next September and in the presence of leaders and ministers of the Organization's countries

He added, "It is a historic event that stresses the importance of the great role that Iraq plays in global energy markets

Jihad noted, "Achievement of an achievement rate of (85%) to rehabilitate the People's Hall hosting this celebration, which is being implemented by the Oil Projects Company, one of the formations of the Ministry of Oil

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Reuters: Iraq has pledged to stick to its share of oil production


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18th June, 2020


An OPEC + source said today, Thursday, that Iraq has pledged to fully comply with its share of oil production and compensation in the coming months.  

"Iraq has pledged to fully comply with its share of oil production and compensation in the coming months for an increase of 570 thousand barrels per day in May production," Reuters quoted the source as saying.  

This came during a meeting held by a ministerial committee of the OPEC + coalition on Thursday.  

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      Iraq confirms its commitment to reduce oil production
      Tuesday 29 December 2020 46

          Baghdad: Saad Al-Sammak   Iraq reaffirmed its full commitment to OPEC Plus's limitations in reducing crude oil production, in accordance with the decisions of the organization and its allies to reduce the oversupply and control oil prices, which fell to a low level last May. The director general of the Basra Oil Company, Khaled Hamzah, confirmed to Al-Sabah, "The export rate has stabilized at two million 700 thousand standard barrels per day, through the Al-Faw oil port."   Hamzah added, "Iraq committed itself to reducing crude oil production during the last period, in accordance with the quotas specified in the organization's program, stressing continuation at this level." He explained, "The Ministry of Oil has prepared plans to implement strategic projects to double the export capacity of oil ports, which currently amount to more than (4 million barrels per day), to accommodate the expected increases in production."   Meanwhile, the Ministry of Oil revealed its plan to add a new floating platform to the previous platforms within the Japanese loan, as well as new pipeline projects and periodic maintenance operations.   In a statement to the ministry, Deputy Minister of Oil, Karim Hattab, said: “We are working to provide an appropriate environment for workers who are keen to maintain oil exports.” This comes after Hattab's visit to the Basra oil port last Saturday. It is noteworthy that OPEC countries and countries from outside reached an agreement to reduce production, starting from the beginning of last May, by reducing about 9.7 million barrels per day, or the equivalent of about 10 percent of the total global production, after the price of a barrel fell to a level below $ 16 a barrel, affected On the repercussions of the Corona pandemic, and US oil prices fell below zero for the first time in history.
    • By yota691
      Secretary Pompeo's remarks at the Int'l Institute for Strategic Studies Manama Dialogue - 10:45 AM
      20,565 views•Streamed live on Dec 4, 2020
       
    • By carhar77
      If oil prices go lower, will that cause economic collapse in Iraq?https://oilprice.com/Energy/Energy-General/What-Happens-If-Oil-Prices-Go-Negative.amp.html
    • By yota691
      China: America is the most serious threat to world peace
      Internationals
      2019-12-11 | 07:24   813 views Today, Wednesday, the Chinese Foreign Ministry spokeswoman described the United States as "the most serious threat to world peace," noting that Washington continues to fabricate charges against other countries.
      Chun Ying said, in press statements, that the United States is doing this to start wars around the world, so the United States poses a great threat to international peace and security.

      And this week, The Washington Post revealed testimonies and statements by American officials indicating that the US government was hiding the truth from the war in Afghanistan, and contradicted what the US presidents and military leaders announced that they had made progress in Afghanistan and that there was a requirement to enter into this war. .  
      What the newspaper disclosed is a slap in the face for American officials advocating for human rights, according to a spokeswoman for the Chinese Foreign Ministry, but only reveals the visible portion of the floating iceberg.

      Ying said that the United States took allegations of weapons of mass destruction in Iraq as a pretext for directing military strikes in this country, which led to tens of thousands of casualties and the displacement of many Iraqis. Later the United States recognized that this pretext was fabricated and that evidence of weapons of mass destruction in Iraq’s possession was washing powder.  
      Finally, the United States used the proofs of the White Helmets evidence of "chemical attacks" in Syria as an excuse to direct air strikes in this country, which led to many casualties and the displacement of many.

      Hua Chun Ying pointed out that the United States is still fabricating the charges in order to start wars around the world, and thus has become the most serious threat to international peace and security and has also become the most serious violation of human rights.
    • By Adam Montana
      Iraq-Saudi border crossing to reopen after nearly 30 years
          A signpost close to the Arar border crossing between Iraq and Saudi Arabia. Photo: AFP
      ERBIL, Kurdistan Region — An Iraq-Saudi Arabia border crossing is set to reopen after nearly three decades of closure, Iraq’s border crossing department announced on Thursday.

      A meeting held between Iraqi and Saudi border authorities at the Arar crossing set October 15 as a test period for its reopening, a department statement said.

      Anbar provincial council member Amira Odaie spoke to Rudaw on Thursday about the meeting.

      “Early on Thursday morning, Iraq’s border crossing department met with their Saudi Arabian counterparts to discuss the opening of Arar crossing border, in order to boost trades and tourism between the two countries,” Odaie said.

      Opening the Arar crossing will also provide job opportunities to Anbar province’s young people currently suffering from high rates of unemployment, she added.  
      Graphic: Mohammed Alsafar | Rudaw English, Maps4news Arar crossing closed back in 1991, when relations between the two countries deteriorated after then-president Saddam Hussein invaded Kuwait. Iraq-Saudi relations were further damaged under former Prime Minister Nouri al-Maliki’s tenure.

      Rapprochement between the two began in 2015, when Saudi Arabia reopened their Baghdad embassy after 25 years of closure.

      A Saudi-Iraqi Coordination Council was established in October 2017 with the aim of strengthening relations between the two countries.

      Vying for influence in the country over regional rival Iran, Saudi Arabia opened a consulate in Baghdad in April 2019 after a visit from a 100-person Saudi delegation, including nine ministers. Riyadh pledged $1.5 billion in loans to Iraq during the trip.

      Iraqi Prime Minister Adil Abdul-Mahdi visited Saudi Arabia later that month, when the two countries signed 13 deals in the fields of political consultation, investment promotion and protection, agriculture, energy, electricity, and higher education. 

      The Arar border crossing currently opens once a year, to allow Iraqi pilgrims to enter Saudi Arabia to perform the Islamic rite of Hajj. 
       
      Link: https://www.rudaw.net/english/middleeast/iraq/12092019
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