05:06 GMT13 June 2021
Listen Live
    Business
    Get short URL
    0 25
    Subscribe

    Saudi Minister of Energy, Industry and Mineral Resources Khalid Falih flew to Iraq on Monday to hold talks on longer extension of the cuts on the production of oil agreed last year by members of the Organization of the Petroleum Exporting Countries (OPEC) and some non-member oil producers, US media reported.

    MOSCOW (Sputnik) According to the Wall Street Journal newspaper, citing OPEC officials, Iraq has only supported the extension for six more months, not the nine-month period envisioned by Falih and backed by Russia, Venezuela and Kuwait.

    Falih reportedly flew to Baghdad to attempt to convince the Iraqi officials to review their position ahead of the OPEC summit scheduled for Thursday.

    According to one of the newspaper's sources, Falih may also try to use the trip to improve the relationship with Iraqi Oil Minister Jabbar Luaibi after disagreement over Iraq's own production statistics and those of the OPEC.

    In November 2016, the 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.

    Iraq is the second largest oil producer in the OPEC. According to the OPEC report issued 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.

    Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!

    Related:

    Non-OPEC Compliance With Oil Output Cut Deal Reaches 66% in April - IEA
    Russia's Tatneft Oil Giant Ready to Further Reduce Oil Output Under OPEC Deal
    OPEC Improves 2017 Total Oil Demand Forecast to 96.38Mln Barrels Per Day
    OPEC Leans Toward Extension of Oil Production Level Freeze Deal
    Tags:
    Oil, OPEC, Iraq, Saudi Arabia
    Community standardsDiscussion