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

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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Comments (6)
  • PalmDesertRat
    , contributor
    Comments (3468) | Send Message
     
    took some oxy profits today at 84.66
    29 Jan 2013, 12:33 PM Reply Like
  • john001
    , contributor
    Comments (872) | Send Message
     
    a possible sign that opec is starting to rein in production volumes to keep oil prices up. If so, good news.
    29 Jan 2013, 02:21 PM Reply Like
  • kmi
    , contributor
    Comments (4446) | Send Message
     
    Why, pray tell, are high energy prices "good news"?
    29 Jan 2013, 02:24 PM Reply Like
  • john001
    , contributor
    Comments (872) | Send Message
     
    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 2013, 02:55 PM Reply Like
  • Old Trader
    , contributor
    Comments (5726) | Send Message
     
    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 2013, 04:25 PM Reply Like
  • john001
    , contributor
    Comments (872) | Send Message
     
    That is interesting as I thought they were well on their way to pre-war production volumes.
    29 Jan 2013, 04:40 PM Reply Like
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