The semi-autonomous region of Iraqi Kurdistan will be required to cut oil output as part of an agreement made on 12 April, according to Iraq’s oil minister Thamer al-Ghadhban.

A delegation from the Kurdistan region is due to arrive at Iraq’s oil ministry to discuss the proposed cuts mechanism on 16 April, according to comments made by Al Ghadhban on 14 April.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Opec and allies led by Russia (Opec+), agreed on 12 April to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal.

The agreement could curb global oil supply by up to 20%.

Iraq, Opec’s second-largest producer after Saudi Arabia, agreed to cut more than a million barrels a day as part of the Opec+ deal.

Currently, Iraq’s Kurdistan region is exporting about 500,000 barrels a day (b/d).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Impact of coronavirus on Iraqi oil industry

Iraq has been hit hard by the Covid-19 pandemic and the related decline in global crude oil prices.

Basra Gas Company (BGC) has put several project contracts temporarily on hold, including engineering, procurement and construction contracts with Italy’s SICIM and China Petroleum Engineering and Construction Corporation, as well as at least one project management consultancy contract with the UK’s Wood Group.

Contractors are also expecting work on phase two of the Majnoon oil field development project to be suspended in the coming weeks.

The client on the $4.7bn project is state-owned Basra Oil Company.

Production has been reduced at Iraq’s Halfaya field and it has been stopped at the Gharraf oil field.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.