May 12, 2024
Iraq Says Extending Oil Output Cuts Is a Decision for OPEC
, Bloomberg News
(Bloomberg) -- Iraq’s oil minister said any extension to output cuts is a matter for OPEC, and the country will stick to whatever the group decides.
“Extending the voluntary reduction on crude oil is subject to agreement between OPEC countries,” Oil Minister Hayyan Abdul Ghani told reporters Sunday. “Iraq is part of OPEC and it is necessary that we adhere to and agree with any decisions issued by the organization.”
On Saturday, the minister indicated Iraq wouldn’t agree to more cuts. Ministers are due to meet on June 1 in Vienna and are widely expected to extend their current curbs into the second half.
Iraq, the second-biggest producer in OPEC, is already causing unease in the group by failing to fully implement the existing reductions.
Read: Oil-Watchers Expect OPEC+ to Extend Supply Cuts Into Second Half
(Corrects background in paragraph 3)
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