Iraq and Angola are willing to extend the production cuts of the Organization of the Petroleum Exporting Countries (OPEC) during the second half of 2017 as the global rally in prices shows signs of stalling, reported Bloomberg.
Iraq Oil Minister Jabbar Al Luaibi said in an interview at the CERA Week oil industry conference in Houston: “we are satisfied somewhat, but we are looking forward for improvement in the price.”
Al Luaibi was cautious on the possibility of an extension as he informed: “It’s very premature to talk about any changes or to predict anything,” reported Reuters.
Meanwhile, Angola supports prolonging the deal as long as necessary. Chairman of state-run oil company Sonangol, Isabel dos Santos, stated in a separate interview at the conference. Dos Santos further informed that the company has no plans to increase capital spending this year or next, and may even lower its budget compared to the last two years.