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Iraq: OPEC Oil Pact Extension in Nov.

Iraq: OPEC Oil Pact Extension in Nov.Iraq: OPEC Oil Pact Extension in Nov.

A decision on whether to extend a global oil output agreement between OPEC and non-OPEC producers will be taken in November, Iraqi Oil Minister Jabar al-Luaibi said on Friday. Should the OPEC-led pact be extended, Iraq will comply with it in order to help stabilize the oil market, Luaibi told reporters during a visit to Moscow, Reuters reported. "The second-largest producer in the Organization of Petroleum Exporting Countries is pumping 4.32 million barrels a day of oil, below the 4.35 million target agreed last year," Luaibi said. However, he said the government in Baghdad does not have reliable figures for shipments from the semi-autonomous Kurdish region, which accounts for about a tenth of the nation’s production. "We are the country that is really committed” to the OPEC agreement, Luaibi said at a briefing in Moscow, following a meeting with his Russian counterpart. Kurdistan’s export figures are "foggy, we do not know much about it," he said. However, estimates put Kurdish exports at 300,000 to 350,000 barrels a day.

 

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