Iraq oil minister says does not see need for more output cuts now

19 Sep 2017   Iraq

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 the Petroleum Exporting Countries (OPEC), 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, al-Luaibi told Reuters on the sidelines of an energy conference in the United Arab Emirates. He said also said prices in the range of $55 to $60 barrels a day are better for everyone. OPEC and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until March 2018 in a bid to reduce global oil inventories and support oil prices.

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