Iraq is pumping record oil, creating a 'fully-blown migraine' for OPEC
Meanwhile, a recent Reuters survey found that OPEC saw its first production increase of 2019 in August to 29.61 million bpd, up 80,000 bpd from the month prior. The group in early July announced its decision to curb output into 2020 to boost prices amid a dim demand outlook and rising shale production in the U.S. But the price of oil still remains depressed.
, has seen improved output primarily from its southern oilfields, as gains in its north are still hampered by political disputes between Baghdad and the Kurdish regional government. Its super giant Majnoon field in Basra saw production double to 200,000 bpd in June after having been curtailed at the beginning of the year due to its OPEC quota.
Stephen Brennock, a commodities analyst at PVM Oil Associates in London, said Iraq's high figures of late "suggest that it may be nearing the limits of its production capacity." The country remains saddled with damaged and outdated infrastructure and reconstruction that could cost as much as $100 billion, so its oil production will face continued obstacles.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC is struggling to prove it can still arrest oil price declines in the age of Trump, RBC's Croft saysOPEC is under pressure to show it still has the power to reverse a slide in oil prices, according to RBC Capital Market's Helima Croft.
Read more »
Cigna rolls out new plan to fully cover multi-million dollar gene therapiesHealth insurer Cigna Corp said on Thursday it had introduced a plan to fully cov...
Read more »
Exclusive: In U-turn, Ford ditches plan to unify China sales system after partners push backFord Motor Co has scrapped a plan to create a unified national sales company for...
Read more »
OPEC is struggling to prove it can still arrest oil price declines in the age of Trump, RBC's Croft saysOPEC is under pressure to show it still has the power to reverse a slide in oil prices, according to RBC Capital Market's Helima Croft.
Read more »
Migraines a risk factor for developing dementia and Alzheimer's, study suggestsMigraines and dementia are among the most common neurological conditions across the world.
Read more »