According to the Centre for Global Energy Studies, (CGES) 18 June Monthly Oil Report
Saudi Arabia Has ‘Free Hand’….

  • What happens to oil prices over the next six months, is largely in the hands of OPEC or, more accurately, of Saudi Arabia, which has effectively been given a free hand to produce as it sees fit in the absence of a meaningful output agreement. How much oil the kingdom needs to produce in the second half of the year will depend on its own price ambitions and on the level of production from Iran.
  • Iraqi output is rising for the second month in a row in May exceeding 3mn b/d; The country is targeting end‐year output of 3.4mn b/d. In addition, the Kurdistan Regional Government (KRG) is currently producing around 150,000 b/d. Baghdad announced a next year 500,000 b/d of new capacity to be added. Another 700,000 b/d by end‐2014. 2014, would give Iraq a sustainable capacity target of around 4.5mn b/d .

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