Iraq Mum on Oil Production

Iraqi Oil Minister Jabar al-Luaibi said he would wait for the outcome of OPEC's upcoming committee meeting before pronouncing on whether or not the group of producers needs to cut crude output more deeply or not. Asked if OPEC needed to deliver a more aggressive cut than the 1.8 million barrels per day it has agreed with 11 of its partners, Al-Luaibi told journalists in London, "There is no action at the moment. It seems to be okay, in the right direction. I think prices will go up again, but let's see the outcome of the meeting," Reuters reported. Oil ministers from five countries monitoring the deal plus Saudi Arabia, as OPEC president, are scheduled to meet in Russia on July 24. They could make a recommendation to the wider group, which holds its next meeting in November, on adjusting the pact. Oil has fallen sharply since then as a result of rising production from the US and Nigeria and Libya, two OPEC members exempt from cutting output.