Iraqi oil minister silent on output, awaiting outcome of OPEC committee meeting

4 Jul 2017   Iraq, OPEC

Iraqi oil minister Jabar al-Luaibi said on Monday 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. Al-Luaibi, who was asked if the Organization of the Petroleum Exporting Countries needed to deliver a more aggressive cut than the 1.8 million barrels per day it has agreed with 11 of its partners, was speaking at an event in London. “There is no action at the moment. It seems to be ok, in the right direction. I think prices will go up again, but let’s see the outcome of the meeting,” he told journalists. OPEC and allied non-OPEC producers agreed on May […]

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