Reuters LONDON – Iraq’s oil exports have fallen by 8% or 300,000 barrels per day (bpd) so far in June, according to shipping data and industry sources, suggesting OPEC’s second-largest producer is getting closer to meeting its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 14 days of June averaged 2.93 million bpd, according to
Rystad Energy Given the recent agreement reached by OPEC+, OPEC countries are now expected to decrease oil production by 2.7 million bpd in 2020 with Saudi Arabia to contribute a cut of around 500,000 bpd on average for the full year. This article assesses the outlook for OPEC, illustrated by three key drivers: oil production, breakeven prices and spending. Figure
“We have made great success today” – OPEC announces first cut since 2008 “We have made great success today. We reviewed all scenarios… [and] we have been able to reach an agreement,” Qatar energy minister and president of the OPEC Conference, Mohammed Bin Saleh Al-Sada said in the introduction to a press conference announcing a production cut by the Organization of Petroleum Exporting
