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Iran: Iraq increases production of oil despite OPEC agreement

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Iran: Iraq increases production of oil despite OPEC agreement

Post  RamblerNash on Mon Sep 17, 2018 10:53 am

Iran: Iraq increases production of oil despite OPEC agreement

17-09-2018 11:30 AM

"Iraq is constantly increasing oil production, regardless of its commitment to OPEC's decision to cut production," said Iran's OPEC representative Hussein Kazempour.

According to Kazempour, Iraq's crude oil production in August amounted to 4.649 million barrels per day, an increase of 88 thousand barrels per day from October.

"Iraq's oil production continues to grow thanks to the presence of international and US energy companies in the country. The latest report by Wood Mackenzie (Energy Research and Consulting) indicates that oil production in the country will stabilize at 4.48 million bpd in 2019," he said.

But with regard to OPEC's deal with Iraq, he said, 'OPEC is also an organization whose decision-making mechanism depends on the political will of the country. Member States and there is no punitive mechanisms for members'.


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