OPEC and allies should not bow to the pressure to increase production to offset supply disruptions, Iraq’s Oil Minister Jabbar al-Luiebi said on Monday, adding that unilateral decisions could be viewed as a breach of the production cut deal. Oil prices still need more support and stability, and the pact producers “should not over exaggerate the need of the oil market for more oil supplies in the time being,” the oil minister of OPEC’s second-largest producer said in a statement, as carried by Reuters. Al-Luiebi “rejects unilateral decisions by some oil producers without consulting the rest of the members” of the pact, according to the statement. Some OPEC members are said to have been upset that Saudi Arabia hadn’t consulted them before hinting at a possible increase in production, which is setting the stage for a difficult OPEC meeting next week. In recent weeks, there has been growing speculation […]