Politics & Economics

OPEC+ may discuss deeper oil cuts on Thursday: Iraq Oil Minister

Iraq

At the previous OPEC meeting, discussions were held to cut production to 1.6-1.8 million barrels of oil per day. However, due to some resistance, the cut was announced at 1.2 million.

SULAIMANI — OPEC and its allies will discuss whether there is a need for deeper production cuts at a ministerial committee meeting on Thursday, Iraq’s oil minister said on Wednesday (September 11).

Decisions over output policy are group decisions and Iraq does not want to decide on its own, Thamer Ghadhban said, adding that he was meeting with the Saudi and Russian energy ministers later on Wednesday, according to Reuters.

The previous OPEC meeting had discussed cuts of 1.6-1.8 million barrels per day, he said, but because some members resisted they agreed on a cut of 1.2 million barrels per day.

Ghadhban also said that Iraq’s Kurdistan Region should respect its obligations with regards to oil exports and its share in federal budget. The Kurdish Regional Government is supposed to give 250,000 barrels per day of oil to the federal government but is so far not complying, he said.

Image: Reuters/Khalid al-Mousily

Article: NRT