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OIL: Iraq Plans OPEC Overproduction Compensation

OIL
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Iraq said it will continue its efforts to compensate for its accumulated overproduction as part of OPEC while taking into account an anticipated handover of oil for export from the Kurdistan Regional Government (KRG) according to the oil ministry on Monday.

  • Momentum has grown again around Iraq/Turkey flows reviving after a two-year hiatus but Turkish approvals remain unclear, despite Iraq’s aims to resume flows in the coming days.
  • Efforts to revive the flows have fallen short numerous times over the two-year period.
  • Iraq’s oil ministry said on Sunday it will receive 185,000 b/d from the semi-autonomous Kurdistan region in the preliminary phase of crude export restart.
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Iraq said it will continue its efforts to compensate for its accumulated overproduction as part of OPEC while taking into account an anticipated handover of oil for export from the Kurdistan Regional Government (KRG) according to the oil ministry on Monday.

  • Momentum has grown again around Iraq/Turkey flows reviving after a two-year hiatus but Turkish approvals remain unclear, despite Iraq’s aims to resume flows in the coming days.
  • Efforts to revive the flows have fallen short numerous times over the two-year period.
  • Iraq’s oil ministry said on Sunday it will receive 185,000 b/d from the semi-autonomous Kurdistan region in the preliminary phase of crude export restart.