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
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
Genesis Energy Declares Quarterly Dividend
2024-04-11 - Genesis Energy declared a quarterly distribution for the quarter ended March 31 for both common and preferred units.
TC Energy Appoints Sean O’Donnell as Executive VP, CFO
2024-04-03 - Prior to joining TC Energy, O’Donnell worked with Quantum Capital Group for 13 years as an operating partner and served on the firm’s investment committee.
Hess Midstream Increases Class A Distribution
2024-04-24 - Hess Midstream has increased its quarterly distribution per Class A share by approximately 45% since the first quarter of 2021.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions