BAGHDAD: Iraq is OPEC’s (Organization of the Petroleum Exporting Countries) second-largest crude oil producer after Saudi Arabia. The EIA (U.S. Energy Information Administration) estimates that Iraq’s crude oil production fell by 115,000 bpd (barrels per day) to 4.42 MMbpd (million barrels per day) in February 2017—compared to the previous month. Production fell 2.5% month-over-month and 5.4% year-over-year. Production fell due to major producers’ production cut deal.
The fall in production from Iraq could support crude oil (VDE) (FXN) (FENY) (UCO) prices. Higher oil prices benefit Middle East oil producers like Iraq National Oil Company, Saudi Aramco, and Oman Oil Company. They also impact US oil and gas exploration and production companies like ConocoPhillips (COP), PDC Energy (PDCE), Cobalt International Energy (CIE), and Continental Resources (CLR).
