Iraq to make suggestions to accelerate OPEC supply cut agreement

Iraq’s oil minister Jabar Ali al-Luaibi will make suggestions at a meeting of OPEC oil ministers at the end of the month to implement an agreement to restrain crude supply in order to push up prices, according to a statement from his ministry on Monday.

The statement didn’t indicate what these suggestions are but hinted that Iraq would not be contributing to any output cut.

Iraq’s “legitimate demands should not constitute an obstacle to a new agreement to freeze output,” Luaibi said in the statement. Iraq “will offer new thoughts and suggestions to bring the members closer to an agreement.”

Luaibi last month said Iraq should be exempted from OPEC crude output restrictions as it needs the income to fight the war on Islamic State, the ultra-hardline group.

Iran, Libya and Nigeria, whose output has been hit by sanctions or conflict, have also asked to be exempted.

The Organization of the Petroleum Exporting Countries agreed in Algiers on Sept. 28 to reduce production, its first output cut since 2008, but left aside the delicate task of how much each of the 14 members will produce.

Source: Reuters