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Page added on April 2, 2017

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Iraq pledges to comply 100% with oil output cut agreement

Production

 

  • Iraq plans to reach 5mln bpd oil output capacity before year-end
  • global oil supply cuts deal is positive
  • Iraq compliance at 98%
  • Iraq reiterates commitment to support OPEC/non-OPEC oil supply cut deal
  • Iraq will proceed in parallel with exploration plans to increase its reserves by 15bln barrels in 2018 to reach 178bln barrels

In response OPEC head Barkindo says:

  • oil market already balancing, stocks level coming down
  • Iraq has interest in balancing market
  • OPEC/non-OPEC compliance with supply cuts deal encouraging
  • OPEC salutes Iraq flexibility helping bring about OPEC/non-OPEC deal

Still looks like that 6-month extension to the deadline that I reported on last Sunday is going to be necessary.

ForexLive



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