An announcement posted on OPEC’s web site not too long ago revealed that the OPEC Secretariat had obtained “up to date compensation plans from Iraq and Kazakhstan for his or her overproduced volumes for the primary seven months of 2024”.
These overproduced volumes totaled round 1.440 million barrels per day for Iraq and 699,000 barrels per day for Kazakhstan, “in response to assessments made by the unbiased sources permitted within the Declaration of Cooperation”, the assertion outlined.
The assertion highlighted that the “complete overproduced volumes can be absolutely compensated for by September 2025”.
- Advertisement -
An announcement posted on OPEC’s web site final month revealed that the OPEC Secretariat obtained compensation plans from Iraq, Kazakhstan, and the Russian Federation “for his or her overproduced volumes for the primary six months of 2024”.
These totaled round 1.184 million barrels per day for Iraq, 620,000 barrels per day for Kazakhstan, and 480,000 barrels per day for Russia, “in response to assessments made by the unbiased sources permitted within the DoC,” that assertion outlined.
A Rystad Vitality oil macro replace from World Market Evaluation Director Claudio Galimberti, which was despatched to Rigzone by the Rystad group on August 12, acknowledged that “Iraq’s most not too long ago printed manufacturing numbers once more present undercompliance with OPEC+ targets of 4 million barrels per day”.
“Newest figures from Iraq’s State Group for Advertising and marketing of Oil (SOMO) put July manufacturing, excluding output from the semi-autonomous Kurdistan area, at 3.99 million barrels per day, up by 160,000 barrels per day from June,” the replace added.
“Together with Kurdistan manufacturing, Iraq’s complete can be above 4.2 million barrels per day. Russia too seems to have overproduced its July quota of 8.98 million barrels per day by 67,000 barrels per day,” it continued.
“Each Iraq’s and Russia’s undercompliance will once more make the problem of overproduction re-emerge in September, when OPEC+ might want to determine whether or not to increase the voluntary cuts or begin the deliberate unwinding,” the replace went on to state.
In keeping with a manufacturing desk accompanying a press release posted on OPEC’s web site on June 2, following the most recent OPEC and non-OPEC ministerial assembly, Iraq’s required manufacturing degree for 2025 is 4.431 million barrels per day. This required manufacturing degree “is earlier than making use of any further manufacturing changes”, the desk highlighted.
In a launch despatched to Rigzone not too long ago, Alexandre Araman, a Director at Wooden Mackenzie, stated “Iraq’s upstream trade is altering dramatically”, including that the nation “has the assets to extend each oil and gasoline output significantly”.
The discharge, which was despatched by the Wooden Mackenzie group, highlighted that, in response to a report from the corporate, “Iraq’s gasoline output might greater than double by 2030 to achieve 4.4 billion cubic ft per day and oil output might hit 5.5 million barrels per day in that very same time-frame”.
Iraq’s crude oil and condensate manufacturing got here in at 4.271 million barrels per day in 2023, in response to the Vitality Institute’s (EI) 2024 statistical evaluate of world power, which was launched earlier this 12 months. That determine marked a 3.9 p.c 12 months on 12 months drop and 5.2 p.c of complete 2023 crude oil and condensate manufacturing, the evaluate outlined.
The nation’s pure gasoline manufacturing hit 9.9 billion cubic meters final 12 months, in response to the evaluate, which highlighted that this determine represented a 6.9 p.c 12 months on 12 months improve and 0.2 p.c of complete gasoline manufacturing in 2023.
EI’s crude oil and condensate figures embody crude oil, shale/tight oil, oil sands, and lease condensate or gasoline condensates that require additional refining. They exclude liquid fuels from different sources akin to biomass and artificial derivatives of coal and pure gasoline.
The group’s pure gasoline output figures exclude gasoline flared or recycled. They embody pure gasoline produced for gas-to-liquids transformation.
To contact the writer, e-mail andreas.exarheas@rigzone.com
