January 22, 2018 / 9:52 AM / in a year

Oil market 'heading in the right direction': Iraq

BAGHDAD (Reuters) - The global oil market is stabilizing as crude inventories are falling, Iraqi Oil Minister Jabar al-Luaibi said on Monday.

The market “is heading in the right direction ... it will continue to stabilize until the end of the year,” he told reporters.

Global oil producers agree that they should continue cooperating on output after their deal on supply cuts expires at the end of this year, Saudi Energy Minister Khalid al-Falih said on Sunday.

Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries, after Saudi Arabia. The deal to curb supply, which also includes some non-OPEC exporters such as Russia, is meant to support crude prices.

Reporting Ahmed Rasheed, writing by Maher Chmaytelli, editing by Louise Heavens and Dale Hudson

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