Iraq’s new Oil Minister Jabbar Al-Luaibi has asked the multinational corporations extracting oil on Iraqi lands to increase output, following a strong push by several other members of the Organization of Petroleum Exporting Countries to reach an agreement to freeze production next month. Al-Luaibi called on firms to ramp up production in order to “boost national revenue”, according to an email obtained by Bloomberg. Although any ramp-up in production now would give it ammunition to freeze at this higher production level next month when OPEC members are scheduled to meet in Algeria during the International Energy Forum to discuss measures to reverse the ongoing oil glut. The OPEC member’s production rate peaked at 4.51 million barrels per day in January 2016 – a month before barrel prices crashed to $26.21. Last month, Iraqi fields generated 4.36 million barrels a day. Iraq has yet to confirm whether or […]