Iraq supports the rollover of the supply cut agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, Iraq’s Minister of Oil Thamer Ghadhban told Reuters.

The minister emphasized that more accurate measures need to be taken to cope with market developments.

Moreover, Ghadhban added that the current deal to reduce crude output by 1.2 million barrels per day (b/d), which is due to end in June, had proved partially effective in reducing oil inventories and stabilizing the market.

OPEC and other major producers are nearing an agreement to extend oil production cuts, according to the Saudi Minister of Energy Khalid Al-Falih.