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Inviting energy reporters A week after traveling to Baghdad to observe real production levels, OPEC member Iraq released some rare oil production and export-related data.
The Iraqi National Oil Market Operation Agency on Sunday not only announced the monthly output of oil fields controlled by the Iraqi government, but also disclosed the output of oil fields under the management of the semi-autonomous government of the Kurdish region of the country. Detailed export data and domestic consumption data are also provided. Previously, the monthly data released by Iraq were limited to total production and total exports.
Iraq is the second largest oil producer in the world. The country said it produced more than 10,000 barrels per day last month, hundreds of thousands more barrels per day than oil industry watchers knew. Estimates of production in its member countries are based only on secondary sources. Iraq hopes to accept this production level before its annual general meeting on October 1.
A deal to cut production was reached in Algeria last month, but Iraqi Oil Minister Arouaibi complained about the data at the meeting. Last week he specially invited some energy journalists to Baghdad to visit the National Museum and have an in-depth discussion of production data. On the day of this month, Aluaibi said that this approach is to let everyone see how much our output is.
The monthly production data based on oil fields released by Iraq also shows how production is calculated. However, it did not elaborate on the specific calculation method of the Kurdish region's production. There are large differences between published Kurdish data and secondary information sources. Mills of the consulting agency Q said
This is an effort by (Iraq) to increase (information) transparency and support the production levels it claims, but I am not sure how effective this is. The biggest (statistical) divergence lies in the Kurdish region.
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