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Genel Cuts 2015 Oil Output Forecast on Iraq Payment Delays

  • Company also lowers guidance for spending, revenue this year
  • Shares pare losses on confirmation of Taq Taq export payment
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Genel Energy Plc, an oil producer in Iraqi Kurdistan, reduced its output forecast for this year after suffering delays to payments for its exports.

The London-based company said Tuesday it expects to pump 85,000 to 90,000 barrels a day in 2015, compared with a previous forecast of 90,000 to 100,000. It also lowered guidance for spending and revenue. Shares of the company dropped 5.8 percent.