Baghdad Sees No Reason for Holding Emergency OPEC Meeting on Oil Cut Deal Until March
Iraq does not see any reasons for holding an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) on an agreement on oil output cuts until March 2020, Iraqi Oil Minister Thamir Ghadhban told reporters on Wednesday ahead of the cartel's upcoming talks in Vienna
VIENNA (Pakistan Point News / Sputnik - 04th December, 2019) Iraq does not see any reasons for holding an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) on an agreement on oil output cuts until March 2020, Iraqi Oil Minister Thamir Ghadhban told reporters on Wednesday ahead of the cartel's upcoming talks in Vienna.
"I do not see any reasons for this [holding an OPEC emergency meeting] so far, we do not see any relevant reasons to do it," Ghadhban said.
OPEC+ will gather for its regular meetings from December 5-6 in Vienna to address the future of the oil output cut deal.
The OPEC+ countries have been reducing oil production since 2017 to counter the oversupply in the global market caused by a recent boom in oil output by the United States. The OPEC+ oil output cut agreement has since been repeatedly extended, with its conditions continuing to change. The agreement, which stipulates the cut of supplies by 1.2 million barrels per day from the October 2018 level for the first half of 2019, is to expire in March.