Iraqi Kurdistan committed to OPEC+ deal to reduce oil output
Photo: AFP
BAGHDAD,— Iraq’s semi-autonomous Kurdistan Region said on Sunday it is committed to its share of an OPEC+ deal to reduce oil output to support prices and curb oversupply, Iraq’s state news agency reported.
The announcement followed a meeting between Kurdish and Iraqi oil ministry officials in Baghdad where the Kurdistan government agreed to provide the ministry with monthly reports on oil production.
The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers agreed on April 12 to cut production by a record 9.7 million barrels per day (bpd) from May.
Iraq’s oil minister said last week that Kurdistan region is included in the cut of oil production, Iraqi news agency (INA) cited the minister as saying.
Iraqi Kurdistan region will postpone payments for oil sales made between November 2019 and February 2020 while committing to paying regularly for the following months, London-based Genel Energy said on Friday.
The Kurdistan Regional Government (KRG) pays international oil firms, including Genel and Norway’s DNO, to pump oil on its territory.
Copyright © 2020, respective author or news agency, Ekurd.net | Reuters
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