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Iraq reportedly is closing in on deals with companies including Shell (RDS.A) and Eni (E) to...

  • Tuesday, January 29, 12:24 PM ET
    Iraq reportedly is closing in on deals with companies including Shell (RDS.A) and Eni (E) to chop production targets at a number of oilfields to more realistic levels. The government is said to be in talks with a group led by Eni to cut production at the Zubai field to 1M bbl/day from 1.2M, and is nearing a deal with Shell to chop production at the Majnoon field to 1.2M bbl/day from 1.8M.
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This news story has 6 comments:

  •  
    took some oxy profits today at 84.66
    29 Jan, 12:33 PM Reply Like
  •  
    a possible sign that opec is starting to rein in production volumes to keep oil prices up. If so, good news.
    29 Jan, 02:21 PM Reply Like
  •  
    Why, pray tell, are high energy prices "good news"?
    29 Jan, 02:24 PM Reply Like
  •  
    oh, let me think. Higher earnings for struggling producers? No, that would only increase share prices. I don't know, you tell me.
    29 Jan, 02:55 PM Reply Like
  •  
    It appears that Iraq got a bit too "greedy" when they negotiated the previous contracts. Given the lack of infrastructure in Iraq, trying to increase production is a Herculean job.
    29 Jan, 04:25 PM Reply Like
  •  
    That is interesting as I thought they were well on their way to pre-war production volumes.
    29 Jan, 04:40 PM Reply Like
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