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Iraq to Lower Oil Production from October

Oil

Iraq has not been able to comply with its oil production limits under the OPEC/non-OPEC agreement due to higher Iraqi domestic demand during the summer months and persistent disagreements with the regional Kurdish administration, newswires report citing statements by Iraq’s Oil Minister, Thamir Ghadhban, during the World Energy Forum in Abu Dhabi. However, Mr Ghadhban said that his country is intending to lower its output from October.

By early afternoon in London, ICE Brent was trading at $63.40/bbl, up $0.81/bbl from the end of Monday’s trading.