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Yesterday (June), although oil prices surged and then plummeted, there was still a lot of bullish news in the oil market. According to Arab media reports, Kuwait has The operation of several oil wells has been suspended. Kuwait's current oil production is about 10,000 barrels per day, a decrease of 10,000 barrels per day from the previous level. Oman is also said to be cutting barrels from its daily production of 10,000 barrels.
However, in the In Iraq, the second largest oil producer, the problem of overproduction has been lingering. In fact, Iraq’s rhetoric is quite intriguing.
According to Reuters on Tuesday, Iraqi Prime Minister Abadi refused to comment on whether the country has implemented the Vienna While commenting on the production reduction agreement, it accused the Kurdish Autonomous Region of exporting oil in excess of its quota as Iraq sought to implement the production reduction agreement.
According to the October production reduction agreement, Iraq agreed to cut production by 10,000 barrels per day to 1,000 barrels per day. / day. But now, Iraq's production reduction has encountered a major obstacle in the Kurdish region. You must know that the Iraqi government's control over oil production in the region is still very limited. Abadi said
The crude oil export volume of the Kurdish region It exceeds its fair share and is much more than the level stipulated in the budget.
The Kurdish region’s crude oil exports have always been a point of dispute with the Iraqi government. On the one hand, Baghdad claims that it has no control over the country’s crude oil sales. It has the sole decision-making power, but at the same time it cannot limit the crude oil production in the Kurdish region. The well-known financial blog Zero Hedge commented that the Kurds can actually be regarded as an unruly non-producer, and Baghdad has to fight with this opponent located within the country. Game.
Although the Kurdish government has not released crude oil export data for May, the region’s Ministry of Natural Resources has stated that the region exported an average of barrels/day of crude oil to Turkish ports in March. Here’s the problem, according to the annual budget According to the plan, the Kurdish Autonomous Region only allows the export of 10,000 barrels per day of oil from the oil fields under its control. However, this budget was passed despite resistance from a key Kurdish political party.
Zero Hedge said that if Afghanistan What Badi said is true. This will mean that the Kurdish region's oil production is more than twice the quota, which is enough to offset the production cuts of Kuwait and Oman. To take a step back, even if the Iraqi government is fabricating the data, this also shows that as long as there are Kurdish The Iraqi government can completely abandon the production reduction agreement and ignore this scapegoat.
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