Iraq’s oil output capacity is coming close to 5 million barrels per day (b/d). Yet, the member of the Organization of the Petroleum Exporting Countries (OPEC) will comply with the global supply cut pact, Iraqi Oil Minister, Jabar Al-Luiabi, stated, according to Reuters.
Iraq is currently producing 4.3 million b/d of crude oil.
“The market now is not 100% stable,” Al-Luiabi said, adding that the prices of oil could be sustained, yet some fluctuations could be found, Middle East Monitor reported.
Luiabi pointed out his wish for the supply cut agreement to go on despite the oil prices’ increase. The agreement between OPEC and Russia to decrease 1.8 million b/d of crude production, which started in January 2017, will last until end of 2018.
“We are watching the market and the market is okay in terms of supply and demand balance. There is a gap, inventories are still high. The inventory level will decrease gradually and we will see how things will go,” Al-Luaibi told reporters, according to Reuters.