23-05-2017

Iraq says achieved OPEC oil cut share, ready to meet new demand

oil

Iraq has achieved its share of the production cuts agreed by OPEC and non-OPEC producers at the end of last year but remains ready to meet future oil demand growth, Iraqi oil minister Jabar al-Luaibi said in a speech on Monday.

“Iraq as the second-largest producer in OPEC confirms its achievement to the commitment to implement the production cut and has recently announced its readiness to a further extension to the cut agreement,” Falah Alamri, head of oil marketer SOMO, said delivering the speech at an industry event in London on the minister’s behalf.

However, the minister’s speech also said that Iraq is ready to meet any growth in global oil demand by maintaining spare production capacity, improving export infrastructure and the adoption of modern technology in exploration and production.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia agreed last year to cut output by about 1.8 million barrels per day (bpd) to tackle bloated crude inventories and support higher prices.

Under the deal, Iraq agreed to cut its production by 210,000 bpd.

Last week Iraqi Prime Minister Haider al-Abadi said Iraq was in favour of extending the current deal but did not specify for how long. Al-Luaibi had previously said that Iraq would support a six-month extension.

Alamri reiterated on Monday that Iraq supports the extension of OPEC cuts for a further six months.

Al-Luaibi is due to meet Saudi energy minister Khalid al-Falih in Baghdad on Monday and OPEC ministers meet in Vienna on Thursday.

Source: Reuters 

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