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Iraqi oil minister: OPEC+ to look at oil production cuts by 400,000 barrels

December 02/ 08:02

Moscow.  The Organization of the Petroleum Exporting Countries (OPEC) and its allies will look at possible production cuts by 400,000 barrels a day, El Iktisad News said on Sunday citing Iraqi Oil Minister Thamer al-Ghadban.

"OPEC and its allies will look at increasing the current production cuts by approximately 400,000 barrels a day, to 1.6 million barrels a day," he was quoted as saying.

According to al-Ghadban, this matter will be discussed at Vienna meetings this week, told TASS.

He also said the recent riots and the current difficult situation in Iraq had no impacts either on oil production or its export.

The OPEC+ nations (24 oil exporting countries, including Russia) have been regulating oil production since 2017. Under the current deal, in force till the end of the first quarter of 2020, aggregate production cut is set at 1.2 million barrels a day on October 2018. OPEC nations account for 812,000barrels a day.

The OPEC+ nations will meet in Vienna on December 5-6 to discuss the issue of oil production levels after March 2020.

 

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