Iraq told a top OPEC official on Tuesday of its hope that the group could reach a deal to lift oil prices while preserving its own output level, a spokesman of the oil ministry said.
Iraqi Oil Minister Jabar al-Luaibi and OPEC Secretary General Mohammed Barkindo, who is is trying to bring about an agreement on supply cuts that would support sagging prices, met in Baghdad ahead of the cartel’s meeting on Nov. 30.
“The minister expressed support for the efforts of the secretary general … and optimism that the meeting would lead to decisions in favor of crude producers,” oil ministry spokesman Asim Jihad told Reuters.
Luaibi, he said, also briefed Barkindo about Iraq’s “real production” figures, which are higher than those estimated by so-called secondary sources adopted by OPEC.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.