collected by :Jack Alex
If you thought Iraq’s plans to increase its oil production to 5 million bpd were rather pie-in-the-skyish, think again.
Its production last month even grew by 44,400 bpd over April, to 4.424 million bpd, making it one of the worst under-complying OPEC producers.
Iraq agreed to the deal in the end, pledging to cut 210,000 bpd of its October 2016 production level and cap it at 4.351 million bpd.
“We achieved this great achievement of 4 million barrels per day … middle of 2016, and now we have climbed up and we are reaching about 5 million barrels per day beginning of second half of this year,” al-Luaibi said in an interview with CNBC back then.
“From a production capacity point of view, the investment in a few of the southern fields is taking them closer to that number,” the analyst told Bloomberg.
as mentioned in
Kazakhstan Rejects Report About Further Oil Output Cut
Kazakhstan has no plans to cut its crude oil production further, rejecting a report from Russia’s TASS agency that the Central Asian country was ready to cut deeper to offset an increase in the output from its huge offshore field, Kashagan, in the Caspian Sea.
“At this time we have not been officially informed of any basis for modifying production plans for 2017,” the spokesperson said.
The field is estimated to hold between 9 and 13 billion barrels of recoverable crude oil.
The TASS report quoted Saudi Oil Minister Khalid al-Falih as saying that Astana had promised to do “everything possible” to compensate for the output increase at the Kashagan field to keep its end of the bargain with OPEC.
The agency also quoted the Kazakh Energy Minister as saying that the government will discuss its quota following said output increase.
as mentioned in
China’s Crude Oil Output Lowest Since 2011
“Declining output this year comes as China’s major oil fields Daqing and Shengli announced production cuts at the beginning of the year.
The pace of decline in production will ease this year due to higher crude prices,” Gao Jian, a crude oil analyst with China Sublime Information Group, told Reuters.
According to the statistics figures, as reported by Reuters, China’s crude output level was 3.83 million bpd in May, down by 3.7 percent year on year, to the lowest domestic production volume since the statistics office started publishing records in 2011.
The growth in refinery runs further fuels concerns that there might be a domestic glut in diesel and gasoline while demand growth is slow.
China’s crude imports in May, on the other hand, surged by 15.4 percent on the year to 8.8 million bpd, according to preliminary data by the General Administration of Customs cited by Platts.