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Oil

Iraq says it will not negotiate with OPEC+ its overproduction cut share

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Iraq's oil minister affirmed Iraq's commitment to the OPEC+ reduction decision and the compensation of its overproduction share, he said in a statement on Saturday.

The minister added that Iraq has no intention to negotiate with OPEC+ members regarding its oil production share or compensation of overproduction.

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The outlook for US shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said on Thursday, in a sign its policy of cutting output is helping rivals pump more.

US total oil supply will rise by 370,000 barrels per day (bpd) in 2021 to 17.99 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report, up 71,000 bpd from the previous forecast.

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