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Iraq's semi-autonomous Kurdistan Regional Government has not ruled out curbs on its oil production to help Iraq meet its commitment under OPEC's planned production cut but believes any impact on its output would be limited, the KRG's oil minister said Monday.

"We do not envisage much effect on KRG," Ashti Hawrami told a Kurdish oil conference in London. "Nevertheless, I do not want to rule out any discussion that has to be talked about formally between us and Baghdad."

Under OPEC's production cut deal agreed last week, Iraq has agreed to reduce its total production in January to 4.351 million b/d, a 210,000 b/d cut from October levels measured by secondary production sources.



"We have planned and know of ways and means, without actually cutting production, to cooperate with Baghdad to meet the OPEC objective (of cutting production) and create a win-win situation for Iraq," Hawrami said, without elaborating.

After the OPEC agreement was announced last week, a senior KRG official said the KRG's near 600,000 b/d of estimated production would not be cut as part of the Iraq's commitment.

Iraq cannot order the KRG to cut output from fields under its control -- even fields that officially belong to the state-run North Oil Company -- due to the bifurcated nature of the two governments' oil sectors and the Kurds' autonomous status.

The KRG reported crude production during September of 563,034 b/d, of which 347,821 b/d came from the state-run Kirkuk oil fields of Khurmala Dome, Bai Hassan and Avana Dome.

Hawrami said the KRG's target of boosting oil production to 1 million b/d is largely dependent on oil prices recovering and upstream investment by foreign oil companies.

--Robert Perkins, robert.perkins@spglobal.com
--Edited by Dan Lalor, daniel.lalor@spglobal.com

Listen to our related podcast: Phone a friend: OPEC calls for oil output cut with non-member assistance