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Iraq Asked BP to Cut Flow From Rumaila Oil Field by 10%

Published 06/14/2020, 04:38 PM
Updated 06/14/2020, 05:45 PM
© Bloomberg. BAGHDAD, IRAQ - NOVEMBER 5: The Daura oil refinery is seen on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential. (Photo by Muhannad Fala'ah/Getty Images) Photographer: Muhannad Fala'ah/Getty Images Europe
BP
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(Bloomberg) --

Iraq has asked BP (NYSE:BP) Plc to cut crude production at the southern field of Rumaila by 10% as part of the nation’s push to comply with OPEC+ quotas, according to a person familiar with the matter, who asked not to be identified as the matter is private.

The deposit, southwest of the oil hub of Basra, produces almost 1.5 million barrels a day.

The Organization of Petroleum Exporting Countries and its partners agreed to reduce production by around 10 million barrels daily until at least the the end of July to prop up prices. Iraq provoked the ire of Saudi Arabia and Russia by missing its target in May, when it pumped more than 600,000 barrels a day above its quota of 3.6 million barrels, according to data compiled by Bloomberg.

©2020 Bloomberg L.P.

© Bloomberg. BAGHDAD, IRAQ - NOVEMBER 5: The Daura oil refinery is seen on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential. (Photo by Muhannad Fala'ah/Getty Images) Photographer: Muhannad Fala'ah/Getty Images Europe

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