Iraqi oil minister Luaibi at an energy conference in Baghdad today 2 April
- Iraq plans to reach 5mln bpd oil output capacity before year-end
- global oil supply cuts deal is positive
- Iraq compliance at 98%
- Iraq reiterates commitment to support OPEC/non-OPEC oil supply cut deal
- Iraq will proceed in parallel with exploration plans to increase its reserves by 15bln barrels in 2018 to reach 178bln barrels
In response OPEC head Barkindo says:
- oil market already balancing, stocks level coming down
- Iraq has interest in balancing market
- OPEC/non-OPEC compliance with supply cuts deal encouraging
- OPEC salutes Iraq flexibility helping bring about OPEC/non-OPEC deal
Still looks like that 6-month extension to the deadline that I reported on last Sunday is going to be necessary.
