Iraq to Suggest Crude Restraint Options

Iraq to Suggest Crude Restraint Options

Iraq’s Oil Minister, Jabar Ali Al Luaibi, declared that the country will make three new suggestions at a meeting in Vienna of oil ministers from members of the Organization of Petroleum Exporting Countries (OPEC) at the end of the November to implement an agreement to restrain crude supply in order to push up prices, reported Reuters. The statement hinted that Iraq would not be contributing to any output cut.

Although the statement did not offer any details, Al Luaibi said: “our alternatives are based on other variables and will make it easier for OPEC members to make a decision,” adding that “will offer new thoughts and suggestions to bring the members closer to an agreement,” according to The Wall Street Journal. This comes as he ast month said Iraq should be exempted from OPEC crude output restrictions as it needs the income to fight the war on Islamic State, with Iran, Libya and Nigeria, whose output has been hit by sanctions or conflict, following suit.

OPEC agreed in September to reduce output to help draw down a global supply glut that is weighing on oil prices. The group is holding a “technical meeting” at their Vienna headquarters to discuss the mechanism for implementing the September agreement. The technical meeting will prepare for OPEC’s ministerial meeting Nov. 30 in Vienna.


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