Iraq’s Deal With Oil Majors Could Crush OPEC’s Output Freeze Plans

Thursday, August 11, 2016
By Paul Martin

by Tsvetana Paraskova via,
Aug 11, 2016

Iraq and oil majors BP, Shell, and Lukoil have agreed to resume investments in oil fields the foreign groups are developing, which is expected to raise the country’s crude output by 250,000-350,000 barrels per day in 2017, Reuters reported on Thursday, quoting Iraqi officials Рa move that has the potential to aggravate the supply glut and muddy the waters of the additional OPEC meeting in September, which some were glass-half-fulling might end with a production cap of some sort.

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