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Ghadhban: OPEC + may discuss deepening production cuts tomorrow
Economy News - Baghdad
Iraqi Oil Minister Thamer Ghadhban said on Wednesday that OPEC and its allies will discuss whether there is a need to deepen production cuts during the meeting of the Joint Ministerial Committee on Thursday.
Ghadhban said decisions on production policy were collective and Iraq did not want to make the decision alone, adding that he would meet Saudi and Russian energy ministers later on Wednesday.
He noted that the previous OPEC meeting discussed the reduction of production by 1.6-1.8 million barrels per day, but because of objection by some members have agreed to reduce it 1.2 million barrels per day.
Ghadhban also said that the Kurdistan region of Iraq must respect its commitments on oil exports and its share in the federal budget. He added that the KRG is supposed to deliver 250,000 barrels of oil per day to the federal government, but is not yet committed to that.
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