Iraq joins UAE, Qatar in call to keep oil cuts

Bloomberg reports comments from the Iraqi Oil Minister Jabbar al-Luaibi delivered at a conference in Abu Dhabi on Saturday.

Key Points:

Iraq joined the United Arab Emirates, Qatar, and Oman in calling for OPEC and allied producers to stick with their agreement to cut oil output until the end of the year, despite recent price gains.

“Output cuts by the Organization of Petroleum Exporting Countries and fellow producers have contributed to stability in the oil market, and Iraq supports OPEC’s decision to keep the caps in place.”

“There are some sources here and there indicating that the market is flourishing now, the prices are healthy, so let’s talk about terminating the freeze.”

“This is the wrong judgment, and we don’t agree with such a concept.”

“We hope the whole dynamic will continue throughout 2018.”

“The deal should continue. The market now is stabilizing somehow but it’s not yet stable.”