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Iraq Rules Out Further Crude Cuts

Iraq Rules Out Further Crude CutsIraq Rules Out Further Crude Cuts

Iraq does not see the need for more output cuts now, but if there is a need the country will support consensus within the Organization of Petroleum Exporting Countries, Iraq’s Oil Minister Jabar al-Luaibi said on Tuesday. "Iraq’s oil supply cuts are around 260,000 barrels per day, exceeding its share of planned reduction," Luaibi told Reuters on the sidelines of an energy conference in the UAE. He also said prices in the range of $55-60 barrels a day are better for everyone, Reuters reported. OPEC and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until March 2018 to reduce global oil inventories and support oil prices. His comments came after data showed Saudi crude exports fell to 6.693 million bpd in July, down from 6.889 million bpd in June.

 

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