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Iraq questions OPEC method on oil output estimates
September 28, 2016 / 9:47 PM / a year ago

Iraq questions OPEC method on oil output estimates

ALGIERS (Reuters) - Iraq on Wednesday questioned one of the two methods OPEC is using to estimate the oil production of its members, signaling the issue could be a problem for the country to join output limits that the group agreed to start implementing this year.

OPEC uses two sets of figures for output estimates - submissions by the countries themselves and estimates by secondary sources, which are usually lower but are seen as better reflecting real output.

“These figures (secondary sources) do not represent our actual production,” Iraqi Oil Minister Jabar Ali al-Luaibi said. He said Iraq’s current production could be as high as 4.7 million barrels per day.

Reporting by Alex Lawler; Editing by Dale Hudson

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