Advertisement
| 24 September, 2017

Iraq committed to respecting its OPEC oil production quota- minister

Iraq's Oil Minister Jabar Ali al-Luaibi talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.

Iraq's Oil Minister Jabar Ali al-Luaibi talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.

REUTERS/Leonhard Foeger
BAGHDAD - Iraq is committed to respecting its reduced oil production quota as agreed with the Organization of the Petroleum Exporting Countries and other exporters, Oil Minister Jabar al-Luaibi told a news conference on Sunday in Baghdad.

OPEC ministers who met in Vienna on Friday said they may wait until January before deciding whether to extend output curbs meant to support prices beyond the first quarter of 2018.

OPEC members and other producers including Russia have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by 15 percent in the past three months.

OPEC and its allies have been considering extending the deal beyond the end of March 2018 when it is due to expire.

"We support the unity of OPEC and its consensus," Luaibi said when asked about whether Iraq would support an extension to the production cuts.

Advertisement
(Reporting by Maher Chmaytelli; editing by Jason Neely) ((maher.chmaytelli@thomsonreuters.com; +9647901917030;))