The Opec+ efforts to cut output by 9.7-million bpd will fail without full compliance from Iraq, as well as smaller producers such as Nigeria and Angola
A pipeline at the oil fields in Basra, southeast of Baghdad, Iraq. Picture: REUTERSIraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an oil cartel Opec deal with Russia and other producers on a record supply cut, traders and industry sources said.
But it has yet to agree an action plan with other oil companies such as BP, ExxonMobil, Eni or Lukoil, which operate the biggest fields in the country, a BOC spokesperson said. One industry source active in Iraq said the companies are refusing the cut and that delays in forming a new government in Iraq are complicating the discussions. “It’s a mess at the moment,” the source said.
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