Decision on possible OPEC/non-OPEC oil pact extension due in November: Iraq

1 Sep 2017   OPEC

Iraq’s Oil Minister Jabar al-Luaibi speaks during a news conference in Basra, Iraq July 19, 2017. REUTERS/Essam Al-Sudani MOSCOW (Reuters) – 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. Iraqi oil production is currently at 4.32 million barrels per day (bpd) and the country is exporting up to 3.23 million bpd, Luaibi said. Kurdish oil exports stand at 300,000-350,000 bpd, he said.

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