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Decision on possible OPEC/non-OPEC oil pact extension due in November: Iraq
September 1, 2017 / 8:30 AM / 3 months ago

Decision on possible OPEC/non-OPEC oil pact extension due in November: Iraq

MOSCOW (Reuters) - A decision on whether to extend a global oil output agreement between OPEC and non-OPEC producers will be taken in November, Iraqi Oil Minister Jabar al-Luaibi said on Friday.

Iraq's Oil Minister Jabar al-Luaibi speaks during a news conference in Basra, Iraq July 19, 2017. REUTERS/Essam Al-Sudani

Should the OPEC-led pact be extended, Iraq will comply with it in order to help stabilize the oil market, Luaibi told reporters during a visit to Moscow.

Iraqi oil production is currently at 4.32 million barrels per day (bpd) and the country is exporting up to 3.23 million bpd, Luaibi said. Kurdish oil exports stand at 300,000-350,000 bpd, he said.

Reporting by Olesya Astakhova; Writing by Dmitry Solovyov; Editing by Jack Stubbs

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