Iraq sure OPEC+ states to come to agreement on oil cut deal

VIENNA, Jun 21 (PRIME) -- Iraq is sure that participants of the OPEC+ oil production cut deal will be able to come to an agreement at the upcoming meeting in Vienna, Iraq's Minister of Oil Jabar Ali al-Luaibi said on Thursday.

“I am sure that an agreement will be reached… I feel really optimistic,” he said.

The minister also said that he sees two adjustment options, one of which is to raise production under the deal and added that Iraq would prefer to keep the deal unchanged.

“Iraq would prefer to keep the declarations and the plateau (the output limit) unchanged until the end of the year… This is our preliminary position.”

Al-Luaibi also confirmed his participation in the meeting of the committee to monitor implementation of the deal taking place on Thursday.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was prolonged until the end of 2018 in November 2017.

End