Iraq backs OPEC's existing plan for gradual output rise, ministry says

OPEC was cautious about increasing or decreasing oil supply because oil markets remained fragile, the ministry said

  
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. Image used for illustrative purpose

The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. Image used for illustrative purpose

REUTERS/Leonhard Foeger

DUBAI - Iraq backs continuing OPEC's existing plan to raise the group's output by 400,000 barrels per day (bpd) each month since August, the oil ministry said on Thursday, saying the outlook for the oil market was unclear due to turbulence in global markets.

The Organization of Petroleum Exporting Countries was cautious about increasing or decreasing oil supply because oil markets remained fragile, the ministry said in a statement carried by the state news agency.

(Reporting by Alaa Swilam; Writing by Nadine Awadalla; Editing by Lina Najem and Edmund Blair) ((Nadine.Awadalla@thomsonreuters.com;))


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