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Iraq's crude oil exports also increased to 3. The group in early July announced its decision to curb output into to boost prices amid a dim demand outlook and rising shale production in the U. But the price of oil still remains depressed.
Its super giant Majnoon field in Basra saw production double to , bpd in June after having been curtailed at the beginning of the year due to its OPEC quota. Iraq actively sought an exemption from OPEC's cutting program in November because of its revenue needs amid severe economic and security challenges. But it ended up bearing the second-largest cutting requirement in the group, struggling to comply ever since.
Stephen Brennock, a commodities analyst at PVM Oil Associates in London, said Iraq's high figures of late "suggest that it may be nearing the limits of its production capacity. However, he told CNBC he expects further modest gains thanks in part to Iraq's working with foreign partners to boost infrastructure.
Skip Navigation. Markets Pre-Markets U. That move, which most experts believe was an attempt to slow the U. Under the agreement, Kurdistan can sell roughly half its oil production through the Iraqi government's marketing arm and will get 17 percent of the Iraqi national budget, which is supported by sales from the Iraqi national reserve.
The Kurds may be the bigger winner, he said, noting that the KRG which was exporting , barrels a day earlier this year and is projecting a , barrel-a-day production goal. The deal is likely to delay any dreams of independence for Kurdistan, however. Kurdish officials have long seen increased production as a way of creating an economically viable state, with some officials believing independence could be achieved at the million barrel a day level.
If they make dash for independence, they lose their security assistance, not just from Baghdad but from the U. IE 11 is not supported. For an optimal experience visit our site on another browser. Southlake Podcast U.
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