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Jabar Al Luaibi

Iraq says oil producers should not be influenced by calls to boost output

Mon, June 11, 2018 15:11

DUBAI, June 11, 2018 (News Wires) - 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 that could lead to its collapse.

Jabar al-Luaibi said in a 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 in the time being."

The minister "rejects unilateral decisions by some oil producers without consulting the rest of the members" of the OPEC and non-OPEC pact that took part in the reduction agreement, according to the statement by the Iraqi oil ministry.

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