Iraq Seeks Exemption From Implementing OPEC+ Oil Output Deal in Q1 2021 – Reports

CAIRO, September 2– The Iraqi Oil Ministry has held talks with the OPEC+ countries to release Baghdad of commitments to implement the deal on the oil output reduction during the first quarter of 2021, Iraq’s as- Sabah newspaper reported on Wednesday, citing Oil Minister Ihsan Abdul Jabbar. All the figures provided by Iraq’s oil ministry exclude the…

CAIRO, September 2 (Sputnik) – The Iraqi Oil Ministry has held talks with the OPEC+ countries to release Baghdad of commitments to implement the deal on the oil output reduction during the first quarter of 2021, Iraq’s as-Sabah newspaper reported on Wednesday, citing Oil Minister Ihsan Abdul Jabbar.

All the figures provided by Iraq’s oil ministry exclude the semi-autonomous Kurdish region in the north. Iraqi Kurdistan’s oil is operated by its own ministry, state and private companies. In April, the Kurdistan region affirmed its commitment to adhere to the OPEC+ agreement to cut the oil production.

The Iraqi central government’s possible exemption from the OPEC+ obligations has been discussed with major oil producers during three meetings, according to Abdul Jabbar.

“The ministry will adhere to the reduction of oil output in the next three months,” Abdul Jabbar added.

The oil ministry has also started accepting technical and commercial applications for the construction of the Basra-Aqaba oil pipeline — a joint Iraqi-Jordanian project — with a capacity of one million barrels. The 1,700-kilometer pipeline will be built at the expense of Iraq’s oil ministry and investments provided by Jordan, according to Abdul Jabbar.

If this project is successful, Baghdad will be able to reconstruct the country’s other oil pipeline that leads to Turkey’s Ceyhan, the minister noted.

Earlier in the week, the oil ministry said that it had exported 80.494 million barrels of crude oil in August, which is down six percent down from the previous month.

The deal reached in May between 24 nations to cut oil production amid an unprecedented drop in demand due to the pandemic has already resulted in a collective 9.6 million barrel per day cut, S&P Global reported on Tuesday.

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