Jiyad: Proposed Oil Overproduction Compensation Raises Questions

8/13/2024 9:00:26 PM

(MENAFN- Iraq Business News) By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News .

Iraq Proposed Oil Overproduction Compensation, Raises Questions Await Answers

OPEC Secretariat statement No. 9/2024 , dated 24th July 2024, confirms receipt of plans to compensate for "Cumulative overproduction Jan. 2024 to June 2024 (tb/d)" from Iraq, Kazakhstan, and Russia.

For Iraq, overproduction during this period amounts to 1,184 thousand barrels per day (tbd). Iraq has submitted to the OPEC Secretariat a pledge and a plan to compensate for this overproduction starting July 2024 until the end of September 2025, with monthly reductions in oil production ranging between 70 tbd and 90 tbd.

This matter has raised and continues to raise many questions that I am attempting to summarize and address in this intervention. I believe the Ministry of Oil (MoO) should respond with complete clarity, transparency, and objectivity.

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Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES) , London. He was formerly a senior economist with the Iraq National Oil Company and Iraq's Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad's biography here .

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