Iraq: Lagging OPEC+ Compliance, Struggling Oil Revenues, And an Economic Crisis in A Scorching Summer
The OPEC+ agreement has helped ease a further collapse in oil price, while there is a broad consensus within the group of producers to continue the course and even extend deepest cuts, compliance has lagged by some, including Iraq. Facing an economic crisis due to dwindling oil revenues, political turmoil after months of protests, and steered by a new government, Baghdad is rushed to take swift action. May’s production was reduced by 50% of the pledged 1.06 mbpd cut, officials are facing technical, financial and political constraints preventing full compliance. Amidst these challenges, the new government has entered the colossal test of providing power during Iraq’s scorching summer months. With limited funds available to support energy sector investments, especially in natural gas and electricity, Iraq’s power provision problem may last longer than expected unless unorthodox decisions are made.
Thematic Topics & Speakers
• OPEC+’s Ministerial Meeting Outcomes and Iraq’s Compliance - Abhi Rajendran, Director – Research & Advisory, Energy Intelligence
• Iraq’s Oil Production and Cost Reduction Policy and Impact on IOCs – Yesar Al-Maleki, Managing Director, Iraq Energy Institute
• Iraq in Regional Context, and Summer’s Gas and Power Challenges – Robin Mills, Senior Fellow, Iraq Energy Institute. CEO, Qamar Energy.
Moderator: Simon Martelli, Senior Middle East Correspondent, Energy Intelligence