Iraq seeks exemption from OPEC export cut deal next year

02.09.2020 - Petr Mazaylo
Iraq seeks exemption from OPEC export cut deal next year

Iraq is looking to be exempted from an OPEC+ deal which plans to curb oil production for the first quarter of 2021. However, the country will adhere to the cuts for the next three months, according to Oil Minister Ihsan Abdul Jabbar on Wednesday.

Abdul Jabbar said on August that Iraq had agreed to cut its oil production further by 400,000 barrels per day, in addition to a cut of 850,000 barrels per day for August and September in order to level out its overproduction in the previous months.

The country’s total oil exports reached around 2.6 million barrels per day in August, falling by 2.763 barrels per day in July, according to the ministry.

OPEC+ has currently limited output by 7.7. million barrels per day in order to support prices as the COVID-19 crisis continues to hamper demand.

Iraq’s economy relies solely on its oil exports for state revenue.   

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?