Falling export volumes suggest Iraq is following through on promises to make extra production cuts in support of an OPEC-plus effort to support global prices.
The Basra Oil Company is attempting to take over oil tanker escort management from the Transportation Ministry’s ports company.
Iraq’s ports company chief talks about post-Beirut security, a tanker dispute with the Basra Oil Company, and managing the risk of coronavirus to his company.
Chevron would negotiate a joint venture with Iraqi state companies for exploration rights in southern Iraq — a deal that could set a positive tone during a state visit to Washington.
Iraq shaves 200,000 bpd since June, as the Oil Ministry promises compliance with OPEC-plus.
The Rumaila field produces one-third of Iraq's oil, but it has pulled back from record output due to budget constraints and OPEC obligations.
Following payment disputes and volatile protests that prompted the Basra Gas Company's expat staff to evacuate, Shell and Iraq's South Gas Company are bringing in new leadership as they attempt to reconcile.
Reduced crude sales reflect ongoing efforts to comply with an OPEC-plus quota agreement, which has helped support global prices and Iraqi earnings.
Pivoting away from negotiations with ExxonMobil, Iraq is now putting the Ratawi oil field at the center of a prospective upstream, gas, and power deal with Saudi Arabia.
The field will initially target 50,000 bpd – about half the production level it averaged before shutting down amidst the coronavirus pandemic.
