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Iraqi Oil Minister: OPEC+ to consider oil production cut

02.12.2019,13:11


December 2, Fineko/abc.az. OPEC and partners (OPEC+) will consider further cuts of oil production.

With reference to foreign media it is reported that the statement was made by Iraqi Oil Minister Tamir Gadban.

The minister said at a meeting held this week that OPEC and its partners will discuss further production cuts: "Production restrictions can increase up to 400,000 bpd. This figure was discussed and achieved as a result of hard work of the OPEC members. The OPEC+ coalition also has ideas to cut production.”

He stressed that Iraq had fulfilled its obligations within the agreement in November.

OPEC expects stabilization of the oil market in 2020, if the current levels of production remain.

According to analysts, OPEC and its partners will not reduce oil production even more, but will extend the term of the agreement on production restrictions.

The media also provide for the extension of the OPEC agreement on the oil production cuts for another 3-6 months.