Iraq questioned the methodology used to assess the OPEC of volumes of oil production by the cartel members, which may prevent him from acceding to the agreement on the limitation of production volumes from November this year, reports Reuters.
Under the deal , Iraq proposed to cut production to 155 thousand barrels per day with 4,354 million barrels in August.
The problem is that the Iraq estimates its production is higher and it means – ask it reduction must be almost twice as large.
“These figures do not reflect our actual production,” – said the Minister of oil of Iraq Jabar Ali al-Luaibi. According to him, the true production in the country reached 4.7 million barrels per day, and the difference is more than 300 thousand barrels – can become a problem on the way of accession of Iraq to the deal.
A similar situation with EAD. OPEC estimates production Emirates 2.95 million barrels per day, and they – 3.15 million due To the required reductions must also double.
According to some experts, there remains the risk that someone of the participants agreement will also be dissatisfied with the conditions of production cuts and the conclusion of a final agreement once again fail.
Claim Iraq is just one of the problematic points, in fact in the “gray area” is almost all the OPEC agreement, said the analysts of the German Bank Commerzbank.
In particular, it is unclear how to monitor the execution limits (especially in light of the long history of statistical manipulation inside the cartel), and what do you mean “most reasonable” level of extraction proposed by Nigeria and Libya.