Iraq continues to increase production ahead of OPEC meeting
Iraq’s oil production reached record levels in May. The country produced an average of 3.87 MMBOPD, the highest levels in decades, according to Bloomberg. This news comes just days before OPEC’s June meeting, in which the cartel is expected to maintain its current policy of defending market share.
Iraq’s oil exports continued to trend upward, closely following production. In March and April, Iraq exported 2.98 MBOPD and 3.08 MBOPD respectively, reports Reuters. Exports reached 3.145 MMBOPD in May, according to an Iraqi Oil Ministry spokesman, said Bloomberg.
Iraq’s oil minister in Azerbaijan to strengthen energy ties
Iraq signed a Memorandum of Understanding (MoU) with Azerbaijan today, creating the basis for cooperation between the two countries, particularly
Source: BP Offshore Azerbaijan
in the development the oil and gas industry, reports AzerNews.
Azerbaijani Energy Minister Natig Aliyev, expressed confidence that the two oil rich countries would open new horizons for cooperation. His Iraqi counterpart, Abil Abdul-Mahdi, said that renewing infrastructure was Iraq’s top priority.
Azerbaijan’s proven crude oil reserves were estimated at 7 billion barrels in January 2014, reports the EIA. In 2013, it produced about 881 MBOPD of petroleum and other liquids and is an important natural gas supplier for European markets.
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