BAGHDAD — Baghdad would support a decision to extend the deal with the Organization of the Petroleum Exporting Countries (OPEC) and other countries, aiming to cut the oil output, Iraqi Oil Minister, Jabbar Luaibi, said.
The minister, who spoke to reporters on Friday, said that Iraq has been fully committed to the deal since the beginning, and the decision whether to extend the agreement should be taken in accordance to the market, with Baghdad ready to support the extension.
Luaibi further indicated that Iraq prioritizes the stabilization of the oil market, and would take all the measures needed in order to achieve this goal, Sputnik reported.
The OPEC and 10 other non-member countries entered a deal in November 2016, aiming to cut the oil output by a total of 1.8 million barrels per day (bdp). The agreement is expected to positively affect the oil prices and significantly reduce the oil output. However, in May this year the petroleum organization and all participants in the agreement decided to extend the deal by nine months, until the end of March 2018.