Iraq’s oil minister said on Monday producers should not be influenced by
pressure to pump more oil and unilateral decisions on output could be a
breach of a supply cut pact between OPEC and non-OPEC countries,
leading to its possible collapse.
With oil recently reaching $80 a barrel, the highest level since 2014, some producers are discussing the possibility of easing some of the cutbacks and will meet to set policy on June 22-23. Oil was trading above $75 a barrel on Monday.
Jabar al-Luaibi said in a strongly-worded statement that oil prices still needed more support and stability, and producers “should not over-exaggerate the need of the oil market for more oil supplies for the time being, which could cause big harm to the global markets.”
The minister “rejects unilateral decisions by some oil producers without consulting the rest of the members” of the OPEC and non-OPEC producers who took part in the reduction agreement, according to the statement by the Iraqi oil ministry.
OPEC and its allies, led by Russia, have cut a combined 1.8 million barrels per day of output since January 2017 and the cuts are due to expire at the end of 2018.
However, Saudi Arabia and Russia have said the cuts could be eased gradually if there was a supply shortage in the market, after Riyadh received calls from consumers including the United States, China and India to support global demand.
With oil recently reaching $80 a barrel, the highest level since 2014, some producers are discussing the possibility of easing some of the cutbacks and will meet to set policy on June 22-23. Oil was trading above $75 a barrel on Monday.
Jabar al-Luaibi said in a strongly-worded statement that oil prices still needed more support and stability, and producers “should not over-exaggerate the need of the oil market for more oil supplies for the time being, which could cause big harm to the global markets.”
The minister “rejects unilateral decisions by some oil producers without consulting the rest of the members” of the OPEC and non-OPEC producers who took part in the reduction agreement, according to the statement by the Iraqi oil ministry.
OPEC and its allies, led by Russia, have cut a combined 1.8 million barrels per day of output since January 2017 and the cuts are due to expire at the end of 2018.
However, Saudi Arabia and Russia have said the cuts could be eased gradually if there was a supply shortage in the market, after Riyadh received calls from consumers including the United States, China and India to support global demand.
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