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MEOG NEWS IN BRIEF MEOG

POLICY The six secondary sources used by OPEC Hezbollah. Iran vowed to retaliate for the
to monitor member output, including S&P strike.
KRG denies responsibility Global Platts, have consistently estimated the Washington Post.
Pompeo’s warning was earlier reported by
Iraq’s production higher than the official
for Iraq’s OPEC figures. For August, secondary sources pegged for Kadhimi, who met with Trump in
The administration had high hopes
Iraqi output at 3.65 million b/d.
noncompliance to hold to its quota over the almost four Washington in July, soon after taking office.
The country’s inability or unwillingness
But Kadhimi has also nurtured ties with
The Kurdistan Regional Government on years of OPEC+ cuts has been a sore spot for neighboring Iran, making the country the
Sept. 24 hit back against allegations from the alliance, with many members publicly destination of his first foreign visit earlier in
Iraq’s finance minister that rampant oil and privately pressuring Iraq to improve its the summer.
smuggling in the semiautonomous region was performance. Earlier this month, General Kenneth
contributing to the country’s noncompliance S&P PLATTS McKenzie, the top American commander in
with its OPEC production quota. the Middle East, said the US was cutting troop
In a statement, the KRG’s Ministry of US warns Iraq it may numbers in Iraq to 3,000 from about 5,200.
Natural Resources said the accusations of oil McKenzie said at the time the move was done
smuggling were “baseless [and] completely shutter embassy over “in recognition of the great progress the Iraqi
speculative,” and noted that its production and forces have made.” But US diplomats are still
export figures are independently audited and militia attacks subject to frequent attacks and Kadhimi’s
published by Deloitte. government has struggled to keep militias in
The KRG’s website, however, only has Secretary of State Michael Pompeo warned check.
export and production data posted up Iraq’s prime minister the US may shutter its The current US embassy, among the largest
through 2016. A spokesman could not embassy in Baghdad if the Iraqi government and most expensive American diplomatic
immediately be reached for comment. can’t protect diplomats and staff linked to the outposts in the world, was meant to showcase
“The KRG has already reduced its diplomatic outpost. the new, close partnership between the two
production after the OPEC+ agreement, and Pompeo told Prime Minister Mustafa al- governments in the wake of the Iraq war. But
its recent gross production figures have been Kadhimi in a call Saturday that the US would the US had earlier pulled many non-essential
well below the fair pro rata levels compared slash staff at the embassy unless Iraq can halt staff from the embassy and shuttered its
with the rest of Iraq,” the ministry said. attacks by Shiite militias that have targeted consulate in Basra in 2018.
The Iraqi federal government and the the US embassy and other assets, according BLOOMBERG
KRG have been at loggerheads for years over to a person familiar with the matter who
oil revenue sharing, with Kurdish authorities asked not to be identified discussing a private
controlling crude production in its territory in communication. COMPANIES
northern Iraq. The KRG exports its crude via A State Department spokesperson declined
pipeline to the Turkish port of Ceyhan. to comment on the call but said the US won’t IOCs invest in Data Gumbo’s
Under the supply accord between OPEC tolerate threats to Americans serving abroad
and 10 allies, known as the OPEC+ alliance, and will take whatever action necessary to Series B
Iraq has agreed to hold its crude production keep its personnel safe. The spokesperson
at 3.404 million b/d from August through said Iran-backed militias in Iraq are the single Data Gumbo, the trusted industrial
the end of the year, not including its required biggest deterrent to stability in Iraq. blockchain network, today announced the
additional “compensation cuts” for pumping Attacks against the Green Zone and the US first close in its Series B funding round of $4
above its cap in previous months. embassy in Baghdad by Iran-linked militia million led by new investor L37, a Bay Area
Iraq self-reported August output of groups have increased in recent months, and Houston-based venture capital company,
3.578 million b/d, with state oil marketer particularly after a US air strike in Baghdad with return investments from Equinor
SOMO saying that federal Iraqi production in January killed top Iranian General Qassem Ventures, the venture subsidiary of Equinor,
constituted 3.122 million b/d and KRG Soleimani and Abu Mahdi al-Muhandis, and Saudi Aramco Energy Ventures, the
production 456,000 b/d. the head of the Iran-backed militia Kataib venture subsidiary of Saudi Aramco.

P18 www. NEWSBASE .com Week 39 30•September•2020