10:22 GMT19 September 2020
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    Iraqi Oil Minister said that the extension of oil output cut agreement will depend on the situation on the market.

    KUWAIT CITY (Sputnik) The extension of oil output cut agreement will depend on the situation on the market, Iraqi Oil Minister Jabbar Luaibi said Saturday.

    "The market will decide… We hope that the [oil] prices will get better soon," Luaibi told reporters, answering a question whether the deal could be extended.

    The minister added that Iraq had been abiding by the agreement.

    Oil producers are currently arriving in Kuwait ahead of the meeting of the five-nation committee, consisting of Venezuela, Kuwait, Algeria, Russia and Oman, which was established to monitor the implementation of the oil output cut deal. The committee will discuss on Sunday, whether the agreement should be extended.

    In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an accord to cut oil production by 1.2 million barrels per day for the first half of 2017 to boost global oil prices.

    The OPEC agreement was supported by 11 non-OPEC states, which had joined the deal by promising to reduce oil output by 558,000 barrels per day.

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