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Iraq, Iran Asked to Freeze Oil Output

Iraq, Iran Asked to Freeze Oil OutputIraq, Iran Asked to Freeze Oil Output

Iran and Iraq were asked to freeze oil output at current levels as part of a wider deal to restrain production, Qatar’s energy minister said on Thursday. “We are discussing with both countries on that and we are looking at various ways and means of coming to a mutual understanding,” Mohammed al-Sada was quoted as saying by Reuters. The Organization of Petroleum Exporting Countries agreed in Algeria on Sept. 28 to limit supply with special conditions given to Libya, Nigeria and Iran, whose output has been hit by wars and sanctions. The details are meant to be finalized when OPEC ministers meet in Vienna on Nov. 30. Al-Sada also said that Qatar, the world’s top exporter of liquefied natural gas, expects falling investment to help balance supply and demand in the natural gas market. In coming years, however, he said surplus production would weigh on gas prices.

 

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