Iraq's Kurdistan sees no major oil output cuts as part of OPEC deal
Reuters
Published Dec 05, 2016 05:30AM ET
Updated Dec 05, 2016 05:40AM ET
Iraq's Kurdistan sees no major oil output cuts as part of OPEC deal
LONDON (Reuters) - Iraq's semi-autonomous region of Kurdistan said on Monday it saw no major impact on its crude oil production from OPEC's output cuts, agreed last week, adding it was ready to cooperate with Baghdad.
The region's natural resources minister Ashti Hawrami told a conference in London he had yet to hear from Baghdad the exact proposals on output reduction.
"We don't envisage much impact on the KRG," Hawrami said.
Iraq agreed to reduce output by around 200,000 barrels per day as part of a broader deal last week for the group to curtail production in the first deal in tandem with non-OPEC since 2001.
Hawrami also said Erbil's cooperation with Baghdad has greatly improved over the past year but added that there was still no resolution of budget transfers from the central government to Kurdistan for 2017.
He also said Kurdistan would launch tenders for the exploration of 20 oil and gas blocks on its territory in early 2017.
"We have redrawn all blocks' boundaries due to recent relinquishment ... Most have seismic data already," Hawrami said at the conference.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.