Iraqi Oil Facilities Secure, Production Continuing – OPEC

Iraqi oil facilities are secured and the country’s production is continuing, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Barkindo said on Wednesday.

“It’s a big relief that the facilities continue to be secured in Iraq, the production is continuing and effective,” Barkindo said on the sidelines of a conference in Abu Dhabi.

He said he was optimistic Iraq would reach 100 percent compliance with OPEC cuts in time, despite current tensions.

In a message to U.S. President Donald Trump, Barkindo said OPEC alone could not shoulder the responsibility of maintaining a stable oil market.

Meanwhile, oil prices retreated Wednesday, a dramatic reversal from the initial spike caused by Iran’s missile strike on bases in Iraq that house US troops.

The pullback from the initial rally reflects easing fears about the risk of a spiraling conflict between the United States and Iran.

Brent oil, the global benchmark, dipped 0.8% to $67.70 a barrel. Brent had traded as high as $71.75 a barrel earlier on Monday.

Investors are breathing a sigh of relief that Iran’s attack did not do more damage and has so far not drawn a response from President Donald Trump.