OPEC and its allies will discuss whether there is a need for deeper production cuts at a ministerial committee meeting on Thursday, Iraq’s oil minister said on Wednesday, APA reports citing Euronews.
Decisions over output policy are group decisions and Iraq does not want to decide on its own, Thamer Ghadhban said, adding that he was meeting with the Saudi and Russian energy ministers later on Wednesday.
The previous OPEC meeting had discussed cuts of 1.6-1.8 million barrels per day, he said, but because some members resisted they agreed on a cut of 1.2 million barrels per day.
Ghadhban also said that Iraq’s Kurdish region should respect its obligations with regards to oil exports and its share in federal budget. The Kurdish Regional Government is supposed to give 250,000 barrels per day of oil to the federal government but is so far not complying, he said.