KRG Did Not Ask DNO to Reduce Kurdistan Oil Output

Norway’s DNO has not been asked by the KRG to reduce its oil production in order to meet Iraq’s OPEC+ quota, Managing Director Chris Spencer on Thursday, cited by Bloomberg.

• The local government is encouraging DNO to increase production, Spencer added.
• DNO announced last month, its Tawke field output in the Kurdistan region has been increasing to around 90kbpd in December, up from an average of 26kbpd during 3Q 2023.
• In mid-January, Iraq has asked local authorities in the Kurdistan region to cut oil production as the country is seeking to meet its new OPEC+ quota of 4mbpd, Argusmedia reported, citing sources.
• Argus estimated that northern Iraq is pumping 240kbpd, however, no official numbers have been released.
• On Wednesday, the natural resources ministry of the KRG invited international oil companies operating in the region to a discussion to start resuming oil exports from the region.
• “The purpose of the meeting is to update you regarding the progress of the negotiations with the Federal Government of Iraq in matters that concern you and other IOC partners. The amendments of the 2023 budget law and the subject of compensation for the IOC’s entitlements will be the main topics of the discussion.” According to part of the email sent to the IOC’s.