{"id":23486,"date":"2017-04-06T13:43:32","date_gmt":"2017-04-06T18:43:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=23486"},"modified":"2017-04-06T13:43:32","modified_gmt":"2017-04-06T18:43:32","slug":"opecs-no-2-goes-rogue-plans-600000-bpd-oil-output-increase","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=23486","title":{"rendered":"OPEC\u2019s No.2 Goes Rogue: Plans 600,000 Bpd Oil Output Increase"},"content":{"rendered":"

OPEC\u2019s No.2 Goes Rogue: Plans 600,000 Bpd Oil Output Increase<\/a><\/h3>\n\"Iraq<\/picture>\n
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Iraq has plans to boost its crude oil production by 600,000 bpd to 5 million bpd<\/a> by the end of this year, regardless of its participation in OPEC\u2019s production cut deal. Iraq is the cartel\u2019s second-biggest exporter of crude and has been the most disinclined of all parties to the agreement since its inception, with a lot of observers expecting it to be the first one to cheat.<\/p>\n

Iraq\u2019s first problem is that as much as 95 percent of its budget revenues come from crude oil. There are no viable alternatives in sight for revenues at the moment. The second problem that the country has to contend with is its war with Islamic State, which makes these revenues more important than ever.<\/p>\n

Amid the final push against IS in Mosul, Iraq is working hard to ensure the sustainable growth of its oil and gas industry\u2014OPEC deal or no OPEC deal. Three months ago, Oil Minister Jabar al-Luaibi said<\/a>that Baghdad is planning to build five new refineries on an investment basis, in addition to fixing and expanding existing refineries that were damaged in the war with IS.<\/p>\n

While Al-Luaibi has repeatedly assured media\u2014and indirectly, investors\u2014that Iraq will stick to its OPEC commitment, Iraq is doing whatever it can to boost its returns from its only significant natural resource. Related:\u00a0Don\u2019t Be Fooled By Daily Oil Prices<\/a><\/strong><\/p>\n

As part of these efforts, the government recently started<\/a> a review of the contracts it has with foreign oil companies operating local fields in a bid to better match its interests to those of the operators. Currently, international oil companies in Iraq are working under the so-called technical service contracts, which a few years ago, forced them to reduce production from some of the country\u2019s biggest fields because Baghdad had no money to pay them for operating the fields.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OPEC\u2019s No.2 Goes Rogue: Plans 600,000 Bpd Oil Output Increase Iraq has plans to boost its crude oil production by 600,000 bpd to 5 million bpd by the end of this year, regardless of its participation in OPEC\u2019s production cut deal. Iraq is the cartel\u2019s second-biggest exporter of crude and has been the most disinclined […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[442,13719,5332,600],"class_list":["post-23486","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-iraq","tag-irina-slav","tag-oilprice-com","tag-opec"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23486"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23486\/revisions"}],"predecessor-version":[{"id":23487,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23486\/revisions\/23487"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}