With OPEC-plus pressure easing, Iraq increased exports slightly in July while higher oil prices drove monthly revenues to a 19-month high.
Iraq’s oil chief discusses negotiations with Total and Chevron, arbitration with Exxon, the future of INOC, several gas project updates, and budget talks with the Kurdistan region.
The unexpected directive could spur progress toward ending the wasteful and environmentally damaging practice of flaring, but it also raises concerns for oil companies.
June output averaged 4.05 million bpd. Iraq will have further leeway to increase production under a breakthrough deal recently agreed by the OPEC-plus group.
Despite legislative delays to full implementation, Iraq's government has approved the next steps to a new national oil company.
Nationwide exports declined slightly to 3.318 million bpd as Iraq faces OPEC-plus expectations to limit output to compensate for past overproduction.
A new enforcement action seeks to stop 20 companies from bringing personnel or equipment into Iraq, threatening major disruptions at key projects.
Iraq is continuing to negotiate with Total over the Ratawi gas hub as export cuts from Iran and nationwide electricity failures highlight the need for new domestic energy supply.
Power blackouts throughout Iraq threaten to cause new bouts of social unrest over chronic failures to build adequate domestic gas and electricity supply.
Under a new agreement, Kurdistan could start receiving 200 billion Iraqi dinars per month.
