Iraq Doesn't Want OPEC to Pump More

Iraq is angry with the Saudis for raising production without consulting with OPEC. It's also angry with other producers: "Producers who are or are not members of OPEC have not respected the set target... and the price of petrol has not reached the desired level," said Oil Minister Jabbar al-Luaibi." This coming from the country that has consistently and brutally exceeded its production quota. also the country that was the hardest to convince in 2016 to actually start cutting production.

  • Like 2
  • Upvote 1

Share this post


Link to post
Share on other sites

The Iraqis are getting rather bold these days, but market share is at stake here, and the Iraqis are already have plenty of trouble with the Kurds that is hitting at their exports. 

  • Like 1
  • Upvote 1

Share this post


Link to post
Share on other sites

43 minutes ago, Marina Schwarz said:

and the price of petrol has not reached the desired level," said Oil Minister Jabbar al-Luaibi."

And pray tell what exactly is OPEC's "desired level" ?

  • Upvote 1

Share this post


Link to post
Share on other sites

Erm. As high as possible and everyone continue buying?

  • Like 1

Share this post


Link to post
Share on other sites

Related.  Thread started by Mohammed, a new forum member from Iraq:

 

  • Like 2

Share this post


Link to post
Share on other sites

what will happen for the oil price if JUNE OPEC meeting without agreement ?

Share this post


Link to post
Share on other sites

13 hours ago, Tom Kirkman said:

And pray tell what exactly is OPEC's "desired level" ?

Isn't the answer obvious, Tom? "Higher!"

  • Like 1

Share this post


Link to post
Share on other sites

May I suggest that each member of OPEC does not want the OTHER members to pump more. Only themselves.

  • Like 1

Share this post


Link to post
Share on other sites

1 hour ago, loveland said:

what will happen for the oil price if JUNE OPEC meeting without agreement ?

The price will fluctuate.

Share this post


Link to post
Share on other sites

Adam Smith was right. As long as you have multiple providers, competition can work and collusion will collapse. 

Share this post


Link to post
Share on other sites

2 hours ago, loveland said:

what will happen for the oil price if JUNE OPEC meeting without agreement ?

I think you meant what would happen if the June meeting ended without a DIFFERENT agreement than the other one they already have, which is to hold steady through end-2018?

Whether they agree to ramp up production or not, they will ramp up production. And when I say "they" I mean "somebody".

  • Like 4

Share this post


Link to post
Share on other sites

This persistent problem is magnified when accounting for the estimated  the production of OPEC .

  • Like 1

Share this post


Link to post
Share on other sites

aghhh these bad behaved boys of OPEC.. nothing will change them.. 

Share this post


Link to post
Share on other sites