Iraq not satisfied with current oil prices – Minister

By: Ramy Sameeh

Abu Dhabi – Mubasher: Iraq is dissatisfied with current oil prices, according to Iraqi Oil Minister Jabar Ali Alibi.

The country is looking forward for oil prices to reaching around $65 per barrel (pb), Alibi added on the sidelines of the Atlantic Council Global Energy Forum in Abu Dhabi.

Iraq will reduce its crude oil exports by a total of 210,000 barrels by the end of January 2017, the minister confirmed.

“We already cut oil exports by 170,000 barrels, with a plan to reduce them by another 40,000 before the end of January,” Alibi said.

The OPEC agreed last November to cut oil production by 1.2 million barrels per day (bpd) as of January 2017 to support oil market.

Non-OPEC countries agreed on 10 December 2016 to cut production by 558,000 bpd.

Translated by: Julian Nabil