Saudi Arabia gets Iraq’s approval to extend oil production cuts


Saudi Arabia gets Iraq's approval to extend oil production cuts
Saudi Energy Minister Khalid Al – Faleh

RIYADH – Iraqi Oil Minister Jabbar Ali al-Allaibi said on Monday that he and his Saudi counterpart Khaled al-Faleh agreed on the need for OPEC to extend oil production cuts by an additional nine months, Reuters reported .

Khaled al-Faleh said during a joint conference that Iraqi Prime Minister Haider al-Abadi also agreed on the need to extend the OPEC cuts for nine months .

Members from within and outside the Organization of the Petroleum Exporting Countries are due to meet on Thursday to agree on an extension of production cuts for another six months .

The Saudi Energy Minister said on Saturday that it was possible to expand the scope of the cut-off agreement to include other countries such as Egypt, Turkmenistan and Indonesia .

Opec members agreed last November to reduce oil production by 1.8 million barrels per day to meet the decline in prices .

Saudi Arabia, Russia and Oman announced last week their support for an extension of production cuts. Qatar’s Energy Minister said yesterday that an extension of OPEC’s agreement to cut oil production in the second half of this year would boost market stability .

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