Iraq Ready to Cut Oil Production to Help OPEC Push Crude Prices - Iraqi Prime Minister


Iraq’s prime minister says his country will agree to cut its own oil production as part of a plan by OPEC to push crude prices higher, reported AFP.

Prime Minister Haider al-Abadi told The Associated Press that current prices are not sustainable for oil-producing countries.

Al-Abadi’s comments could be critical because Iraq - along with Iran - has been reluctant to go along with cuts, creating an obstacle for an OPEC deal, according to published reports.

Al-Abadi said he understands that OPEC members will agree to reduce production by between 900,000 and 1.2 million barrels per day - that would be a cut of between 2.7 percent and 3.6 percent from October levels. He said it would be enough to push prices up.

Source: Alarabiya
Ahmed Xahir
Ahmed Xahir

This is a short biography of the post author. Maecenas nec odio et ante tincidunt tempus donec vitae sapien ut libero venenatis faucibus nullam quis ante maecenas nec odio et ante tincidunt tempus donec.