Iraq’s oil Minister, Thamir abbas Ghadhban, pointed out to Iraq’s difficulties for matching with OPEC agreement and also their attempts to agree to their commitment. He believed that the origin of such problems comes from the disagreements between the regional and federal governments.
Based on his speech, Kurdish region increased its production, while Iraq’s domestic demand was high during the summer. Iraq decided to decrease its output in October, to be more in line with OPEC production cuts.
He pointed out to their production figures and said that their daily production was 200000 barrels during the summer, which was 125000 barrels more in comparison to winter’s demand.
Iraq decided to decrease daily output about 80000 to 85000 barrels from this month.
Goldman Sachs cuts its forecast for oil demand growth during 2019.