Iraq cutting more oil production than necessary

1 Sep 2017   Iraq

Iraq is doing more than it needs to in terms of working to balance an oversupplied market through an OPEC-led effort, its oil minister said Friday from Moscow. Russian Energy Minister Alexander Novak hosted Iraqi Oil Minister Jabbar al-Luaibi at the Kremlin to discuss what Novak’s ministry said Thursday were “urgent issues” of cooperation between members of the Organization of Petroleum Exporting Countries and non-member states. Russia is contributing most to a multilateral effort to sideline about 1.8 million barrels of oil per day among non-OPEC members. The OPEC effort is aimed at bringing the level of global crude oil inventories closer to the five-year average. Total supplies for members of the Organization for Economic Cooperation and […]

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