Minister: Iraq to boost crude oil production by year's end

Minister: Iraq to boost crude oil production by year's end

Opec Secretary-General Mohammad Barkindo said Sunday that he is "cautiously optimistic that the market is already rebalancing", even as data showed the number of active oil rigs in the United States rose to the highest since September 2015.

Addressing an energy conference in Baghdad, Al-Luaibi did not give details on which of the nation's oil fields would supply the increased output.

Oil rose to the highest in nearly a month as investor focus returned to USA crude inventories after supply disruptions and optimism over OPEC's output curbs drove a rally in the past week.

Minister Lu'aibi added that Iraq is planning g to increase its oil production plans to five million barrels and increasing its oil reserves. Morgan Stanley said in a report that "less visible" crude stockpiles, including in China, Japan and floating storage around the world, have declined 72 million barrels this year.

Opec pumped 32.095 million barrels a day last month, based on information compiled from analysts, oil companies and ship-tracking data. He said that uncertainty about Libyan production added volatility to oil prices which could cause them to move in either direction. Currently, the members and non-members of the Organization of the Petroleum Exporting Countries (OPEC) are likely looking for 1.8 barrels per day extension of output curb after the recorded 94 percent compliance rate. "There is already talk of extending the agreement that we consider necessary for market stability, a recovery in prices, and recovering investment", Maduro said.




But some analysts say a closer examination of the deal shows a bumpy road ahead because producers might be tempted to turn their back on it and prices that remain almost double last year's lows.

At the FT conference, many senior oil trading executives argued that USA crude inventories, which have risen since the start of the year as domestic production rebounds towards 9m barrels a day, were masking tightening supplies elsewhere. Analysts expect crude inventories dropped by 530,000 barrels at the end of last week, with distillates down by 1.12 million barrels and gasoline supplies showing a 1.462 million barrels decline.

The worldwide oil expert said the USA had taken the first step in regulating its oil market adding OPEC owes many of its scheme to an institution through which American oil producers have become united.

In addition to providing an export stream, the field feeds crude to the 120,000 bpd Zawiya oil refinery, now Libya's biggest operating plant.

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