ERBIL, Kurdistan Region (Kurdistan24) – Iraq Oil Minister Jabbar al-Luaibi on Thursday said the oil exports of the Kurdistan Region are not subject to the OPEC production cut extension.
OPEC delegates participating in the OPEC meeting in Vienna decided current output cuts would be extended for a nine-month period, until March 2018.
The Iraqi Minister noted that the reduction did not include the Kurdistan Region but hoped an agreement could be reached for the Region to reduce its oil exports.
“The best option is to bring the oil market back to balance,” he said.
Kurdistan currently exports around 600,000 barrels per day. Iraqi exports, including the Region’s production, totaled 3.92 million barrels per day in May.
The Minister is expected to lead a visit to the Kurdistan Region once he returns to Iraq.
Despite signing up to the initial six-month production cut deal, Iraq has been the biggest overproducer and failed to reduce its production up until now.
OPEC’s cuts have helped to push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy revenues.