23:38 GMT03 August 2020
Listen Live
    Get short URL
    0 0 0

    Iraqi Oil Minister Jabar Luaibi said on Tuesday that Baghdad was not considering an increase in oil production in the framework of the OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC oil output cut deal.

    "We have not considered the increase yet, we will discuss it at the meeting," Luaibi said.

    The minister pointed out that he had not heard about the Russian initiative to increase the daily oil production by 1.5 million barrels. "I haven’t heard about it," Luaibi said.

    On Saturday, Russian Energy Minister Alexander Novak said that Russia and Saudi Arabia would offer the parties to the oil output cut agreement to raise production in the third quarter of 2018 by 1.5 million barrels per day.

    However, Iraqi Oil Minister expressed hope that the OPEC and non-OPEC producers will reach an agreement on oil production during Friday's meeting.

    On June 22, at its regular meeting in Vienna, the OPEC will discuss whether to raise oil production.

    In 2016, the OPEC countries reached an agreement in Vienna to reduce daily oil production during the first half of 2017 to boost global oil prices.

    The agreement was also supported by 11 non-OPEC states. In late 2017, OPEC and non-OPEC states, including Russia, agreed to extend the agreement on reduction of oil output until the end of 2018.


    Fmr White House Adviser Outlines 2 Ways Trump Trade Tiffs May Impact Oil Prices
    Oil Prices Retreat Amid OPEC Concerns, Looming China Duties
    Didn’t See That Coming: China Threat of New Crude Oil Tariff a Surprise in US
    Russia, Saudi Arabia Move to Control Global Oil Markets - Analyst
    Libya's NOC Warns of Environmental Disaster Amid Clashes Near Oil Terminals
    prices, deal, output, production, oil, OPEC, Jabar Ali Luaibi, Iraq, Austria
    Community standardsDiscussion