Iraq believes there is a "relative understanding" within OPEC on its demand to be exempted from oil output cuts planned by the group to support prices, Foreign Minister Ibrahim al-Jaafari said.
"There is relative understanding from OPEC and we will make more efforts so they consider [granting] an exemption for Iraq," he told reporters on Oct. 27.
OPEC's second largest producer after Saudi Arabia, Iraq says it will not cut output because it needs money from oil revenues to fight Islamic State. Iraqi officials say it should get the same exemptions as Iran, Nigeria and Libya—whose crude output has been hit by war and sanctions.
Iraq's government this week conveyed its demand to OPEC Secretary General Mohammed Barkindo when he visited Baghdad to cement an accord on supply cuts ahead of OPEC's meeting on Nov. 30.
Recommended Reading
For Sale? Trans Mountain Pipeline Tentatively on the Market
2024-04-22 - Politics and tariffs may delay ownership transfer of the Trans Mountain Pipeline, which the Canadian government spent CA$34 billion to build.
Energy Transfer Announces Cash Distribution on Series I Units
2024-04-22 - Energy Transfer’s distribution will be payable May 15 to Series I unitholders of record by May 1.
Balticconnector Gas Pipeline Back in Operation After Damage
2024-04-22 - The Balticconnector subsea gas link between Estonia and Finland was severely damaged in October, hurting energy security and raising alarm bells in the wider region.
Wayangankar: Golden Era for US Natural Gas Storage – Version 2.0
2024-04-19 - While the current resurgence in gas storage is reminiscent of the 2000s —an era that saw ~400 Bcf of storage capacity additions — the market drivers providing the tailwinds today are drastically different from that cycle.
Ozark Gas Transmission’s Pipeline Supply Access Project in Service
2024-04-18 - Black Bear Transmission’s subsidiary Ozark Gas Transmission placed its supply access project in service on April 8, providing increased gas supply reliability for Ozark shippers.