June 22, 2018 / 12:00 PM / a year ago

Iraqi oil ministry says OPEC should be careful before altering output deal

Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader

BAGHDAD (Reuters) - OPEC oil producers should be careful before altering its deal on production levels so output does not exceed market needs, which would lead to lower prices, Iraqi’s oil ministry said on Friday.

Any change would mean higher output exceeding demand “leading to lower oil prices and damaging producers’ economies,” the ministry said in a statement.

Reporting by Ulf Laessing; Editing by Edmund Blair

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