Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry sources said.
FILE PHOTO: Men work at Rumaila oilfield in Basra, Iraq, May 11, 2017. REUTERS/Essam Al-Sudani/File Photo
But it has yet to agree an action plan with other oil companies such as BP, Exxon, Eni or Lukoil, which operate the biggest fields in the country, a BOC spokesman said. There is no requirement for participating countries to tell OPEC how they will make their cut, but informing customers about their oil allocations is standard practice.
Companies producing in Iraq’s southern oilfields operate service contracts that pay them a fixed dollar fee for their output and are also compensated in crude cargoes. Nigeria and Angola’s current export schedules show they are currently not cutting as much as required under the OPEC+ deal, but will go further than they did under the previous OPEC+ agreement that ended on March 31.
Nigeria’s ministry of petroleum resources did not immediately respond to a Reuters request for comment.
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