Iraq Claims Record Oil Production, Says Willing To Freeze

Iraq has signaled a willingness to go along with the recently-mooted Opec/non-Opec ‘output freeze’ pact. But there’s a catch: the freeze will be at January levels, and Iraq claims an implausibly high total.

Fresh from praising talks between Opec and non-Opec in Doha and Tehran last week on the potential for a crude production freeze, Iraq officials have said that the country could be willing to cooperate with any freeze.

But then the freeze is to be at January levels. And figures released by the oil ministry on 17 February show that Iraq has surged to a new production record of 4.79mn b/d. In January, for the first time in years, Baghdad has made clear that it has included output from the autonomous Kurdistan Regional Government (KRG) as well as fields under Baghdad’s control. But by seemingly taking maximalist figures for both ‘federal’ northern output and the KRG these figures seem to double count several key disputed fields. (CONTINUED - 671 WORDS)

DATA INSIDE THIS ARTICLE

table IEA Supply & Demand Forecasts, February 2016 (Mn B/D)
table OPEC Supply & Demand Forecasts, February 2016 (Mn B/D)