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Iraq raises its crude oil production, OPEC's October report showed

Category: Economy

Date: 2020-10-15T07:36:09+0000
Iraq raises its crude oil production, OPEC's October report showed

Shafaq news/ Every month OPEC (Organization for the Petroleum Exporting Countries) releases a report on the oil industry and the overall OPEC oil price and trend evolution. The report of this October showed the price of oil remained glued to the $40 level for several months now.

In all, OPEC now sees world oil demand recouping next year, and expect non-OPEC liquids supply to contract this year.

The most significant loss in oil supply for 2020 comes from the United States.

As for Iraq, the report showed it has not commit what it promised OPEC that it would make up for months of overproducing now. "It is the least compliant member of the group that is desperately trying to rebalance the market."

On the face of it, it looks like Iraq is finally complying with its share of the production cuts. It is not.

The report said, "In September, Iraq produced about 3.6 million bpd. But it is supposed to be cutting an additional 400,000 bpd in August and September to make up for overproduction in the earlier months."

Iraq sold Basra Light crude oil for the month of September at a price of 42.09 dollars, which is 4.1 dollars less than August (46.10 dollars)" indicating that "the average price of Iraqi oil within nine months of The current year amounted to 40.54 dollars, while the average price of oil in the same period last year was 64.01 dollars.

In general, the report pointed out that "oil production for OPEC countries for the month of September amounted to 24.106, which is 47 thousand barrels per day less than the month of August of 24.153 million barrels."

The monthly report also expected that demand for oil in 2021 will increase by 6.54 million barrels per day to 96.84 million barrels per day.


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