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Sunday, September 15, 2019
Updated
Nigeria and Iraq have been asked by OPEC to trim back their respective crude production. The request comes as the producing group tried to prevent a market glut amid soaring U.S. production and a slowing global economy. This decision was made prior to Saudi Arabia suffering drone attacks knocking out nearly 6 million bpd to from two of its major oilfields.
Both countries are known for pushing past their production quotas given by OPEC.
OPEC, along with other producing countries aligned with the cartel’s goals, met in Abu Dhabi ahead of a planned meeting in Vienna during December.
OPEC and its allies have over complied on average with its agreed cut of 1.2 million bpd as Iranian and Venezuelan exports collapsed due to sanctions. But some members, such as Iraq and Nigeria, have been producing above their quota.
At the meeting Nigeria agreed to cut 57,000 bpd from its production totals and Iraq will cut 175,000 bpd from its flows by October.
With the loss of Saudi production for at least several weeks, it is unlikely Nigeria or Iraq will adhere to the cuts.
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