Iraq Mulls Exemption from OPEC Cut Deal

Iraq Mulls Exemption from OPEC Cut Deal

Iraq may seek to be exempted from a deal between oil exporters to reduce global supply in order to support crude prices and ask to boost its own output, the leader of the nation’s Shi’ite ruling coalition, Ammar al-Hakim, told Reuters.

During a statement in Cairo, Hakim cautioned that Baghdad could ask to be exempted from the deal because the country needs its oil income to fight the Islamic State, Hellenic Shipping News informed.

“Given these sensitive circumstances, it is the right of Iraq to hope for an exemption by the other Organization of Petroleum Exporting Countries’ (OPEC) member states and have an opportunity to increase its production,” he said. However, Hakim further noted that Iraq still stand with the principle of reducing the overall OPEC supply to lift oil prices.

OPEC is due to meet in May to decide on an extension of supply curbs agreed late 2016 to increase prices.

Mariana Somensi 890 Posts

Mariana holds a Journalism Bachelor Degree from the State University of Londrina, Brazil. The Brazilian journalist has 4 years of experience on the MENA region's affairs and over a year of experience on the oil and gas industry.

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