Iraq refuses to join the transaction to limit oil production in order to stabilise the market, which OPEC members agreed in September. As reported by the television channel Bloomberg, said the Minister of oil of Iraq Jabar al-Libi.

According to the Minister, his country intends to claim for themselves exceptions from the General rules, similar to what was provided by Nigeria, Libya and Iran, as the country is waging war against “Islamic state”.
In addition, Baghdad still don’t like this method of estimating volumes, which Kartel believes is the most accurate.

“We are for OPEC and for the unity of OPEC, but against the fact that this transaction was carried out at our expense,” explained al-Libi, adding that Iraq will carry their point of view to other members of the organization in “a favorable climate” to avoid tension.

We will remind, in September the member countries of OPEC on the energy summit in Algiers, announced a preliminary agreement to cut production to the level of 32.5-33 million barrels per day. To cut production needs as part of the deal Saudi Arabia, Iraq and UAE.

After statements of the Minister of oil of Iraq on oil prices Monday morning went down after steady growth last week. This contributed to reports according to which American oil companies continue to increase production volumes.

Futures for North sea mark Brent was trading at 51, 59 per barrel as of 4:33 in Moscow, down 19 cents, or 0.4%, with the latest of the closing level on Friday.

American brand WTI fell by 22 cents, or 0.4%, to 50,63 USD per barrel.

Before Iraq second after Saudi Arabia in terms of production producer of oil among OPEC members, has already statedthat he doubted one of the methods used by OPEC to assess the level of oil production of the cartel members.

When assessing the level of OPEC oil production is based on either the data producers themselves, or secondary data sources (for particular agencies Platts and Argus Media), whose numbers are generally lower, but, according to industry experts, to better reflect the actual level of production. Iraq believes that these secondary sources do not reflect the real level of production in the country.

In September, Iraq was producing to 4.45 million barrels of oil per day, according to OPEC, and to 4.77 million barrels according to its own estimations, occupying the second place in the list of the largest producers of OPEC.

Potentially production in the country could reach 9 million barrels a day, if not for the numerous wars in which the country is mired in decades, said on Sunday the head of the marketing organization for marketing of oil (SOMO) Falah al-Amiri.



Iraq refused to accede to the agreement on the limitation of production volumes 24.10.2016

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