Minister of Oil Thamer Ghadhban energy
Economy News Baghdad
Oil Minister Thamir al-Ghadhban said on Thursday that Iraq could increase its oil production to six million bpd if necessary, but was committed to OPEC-led production cuts and would not take unilateral action to boost supply.
He added that there was no acute oil shortage at the moment, but Iraq will continue to monitor the market to assess the need for additional quantities during the next OPEC meeting.
The United States on Monday decided not to renew the exceptions granted last year to sanctions against Iran for some crude buyers from Tehran, taking a tougher stance than expected and sparking a surge in oil prices for supply shortages