January 13, 2018 / 12:21 PM / 9 months ago

Iraq oil minister says global supply cuts should continue

ABU DHABI (Reuters) - Iraqi Oil Minister Jabar al-Luaibi said on Saturday that the global oil production cut agreement between OPEC and non-OPEC producers should continue, despite a sharp rise in oil prices as the oil market still needs more time to stabilize.

FILE PHOTO: Iraqi Oil Minister Jabar al-Luaibi speaks during news conference at the ministry of oil in Baghdad, Iraq November 27, 2017. REUTERS/Thaier Al-Sudani /File Photo

Luaibi, speaking to reporters in Abu Dhabi, also said that Iraq’s oil production is about 4.3 million barrels per day now.

Reporting by Maha El Dahan, Stanley Carvalho, Rania El Gamal; editing by Alexander Smith

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