Iraq: OPEC and allies may deepen oil cut deal to reach 1.6m bpd

OPEC will consider deepening the cuts at meetings due this week in Vienna. (AFP)
Updated 01 December 2019

Iraq: OPEC and allies may deepen oil cut deal to reach 1.6m bpd

  • OPEC to consider deepening the cuts at meetings due this week in Vienna

BAGHDAD: OPEC and allied oil producers will consider deepening their existing oil supply reduction deal by about 400,000 barrels per day to 1.6 million bpd, Iraq’s oil minister said on Sunday.

The minister, Thamer Ghadhban, told reporters in Baghdad that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will consider deepening the cuts at meetings due this week in Vienna.

OPEC+ oil exporters have coordinated their output for three years to balance the market and support prices. Their current deal, which agreed to cut supply by 1.2 million bpd from January this year, is due to expire at the end of March.

Iraq will exceed 100 percent commitment with the supply deal as of Sunday, Ghadhban also said, adding that an agreement capping production from the semi-autonomous Kurdistan region will also help the country’s compliance.

The agreement with the Kurdistan Regional Government (KRG) caps production from the northern Iraqi region at 450,000 bpd, he said. About 250,000 bpd of the KRG’s output will be handed over to the central Iraqi government and 200,000 bpd will be used by the region to pay back debt owed to foreign firms, he added.

The minister also said that Iraq’s crude output has not been affected by anti-graft protests that broke out in early October across Baghdad and the oil-rich regions of the south.


India to invest $1.46 trillion to lift virus-hit economy

Updated 15 August 2020

India to invest $1.46 trillion to lift virus-hit economy

  • Modi announced a national digital heath plan under which every Indian will get an identity card containing all health-related information
  • Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic
NEW DELHI: India’s prime minister said Saturday his country has done well in containing the coronavirus pandemic and announced $1.46 trillion infrastructure projects to boost the sagging economy.
The key lesson India learnt from the pandemic is to become self-reliant in manufacturing and developing itself as a key supply chain destination for international companies, Prime Minister Narendra Modi said.
“The coronavirus epidemic is a big crisis, but it can’t stall India’s economic progress,’’ Modi said in a speech from New Delhi’s 17th century Mughal-era Red Fort to mark 74 years of the country’s independence from British rule. He wore an orange and white turban with a long scarf around his neck.
He also said that three vaccines are in different phases of testing in India and it will start mass production as soon as it got a green light from scientists. “Detailed plans are in place for large-scale production of corona vaccine and making it available to every Indian,” he said.
India’s coronavirus death toll overtook Britain’s this week to become the fourth-highest in the world as the country reported over 2.5 million confirmed cases, just behind the US and Brazil.
Modi also announced a national digital heath plan under which every Indian will get an identity card containing all health-related information.
The celebrations were curtailed on Saturday because of the pandemic, with invitations going only to 4,000 guests instead of normal 20,000, media reports said.
The International Monetary Fund projected a contraction of 4.5 percent for the Indian economy in 2020, a “historic low,” but said the country is expected to bounce back in 2021.
Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic.
“Infrastructure will not be created in silos anymore. All infrastructure has to be comprehensive, integrated and linked to each other. Multi-modal connectivity infrastructure is the way forward,” he said.
He said that India saw a record 18 percent jump in foreign direct investment in the past year, a signal that the international companies are looking at the country.
Modi didn’t refer to China directly, but India is trying to capitalize on its rival’s rising production costs and deteriorating ties with the United States and European nations to become a replacement home for large multinationals.
Referring to border tensions with China in the Ladakh area, he said Indian forces had given a befitting response in the mountainous region where thousands of soldiers from the two countries remain in a tense standoff since May. India said 20 of its troops died in hand combat with Chinese troops on June 15.
“Whether it’s terrorism or expansionism, India is fighting the challenges bravely,” Modi said in apparent references to threats from neighboring Pakistan and China.