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    Iraq's Minister of Oil Jabar Ali al-Luaibi speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 30, 2016

    Iraq Fulfills Oil Output Reduction Obligations Under OPEC Deal By 97% - Minister

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    Minister of Oil said that Iraq fulfills its obligations to reduce oil output in accordance with the Organization of the Petroleum Exporting Countries agreement by 97 percent.

    PARIS (Sputnik) Iraq fulfills its obligations to reduce oil output in accordance with the Organization of the Petroleum Exporting Countries (OPEC) agreement by 97 percent, Iraqi Minister of Oil Jabbar Luaibi said Thursday.

    "We have fulfilled our obligations [under the agreement on oil output reduction] by 97 percent," Luaibi said at the Paris International Oil Summit.

    In November 2016, OPEC reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017, to boost global oil prices.

    The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. For instance, Russia pledged to cut production by 300,000 barrels daily.

    Iraq is the second largest oil producer in the OPEC. According to the OPEC report issued earlier in April, the country reduced its oil production from 4,600 million barrels per day in the last quarter of 2016 to 4,402 in March, while the set goal amounts to 4,351 million barrels daily.

    The International Oil Summit is an annual meeting of energy and oil ministers from many oil-producing countries, heads of various organizations like the International Energy Agency (IEA) and OPEC, as well as key industry leaders.

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    oil output, OPEC, Jabbar Luaibi, Iraq
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