Iraq Tells OPEC it Supports Production Deal But Will Preserve Its Output Level

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.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza