Monday, 21 November 2016

Iraq to offer three proposals to implement OPEC production cut

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Iraq will offer three new proposal at the upcoming OPEC meeting in Vienna to implement oil output cut, the Wall Street Journal reported on Sunday, citing Iraqi Oil Minister Jabbar Ali al-Luaibi. The options will be consistent with OPEC policy and will bolster the unity of the group, the Journal reported citing Luaibi. Luaibi told the Journal "Our alternatives are based on other variables and will make it easier for OPEC members to make a decision", but he declined to give details over the proposals. 

 

The Iraq oil ministry was not immediately available for comment. OPEC is moving closer towards finalizing this month its first deal since 2008 to limit oil output.

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