Iraq No Obstacle to Global Oil Freeze

A potential global deal to cap oil production is unlikely to collapse because of Iraq’s claims it would not curb its output, Russian Energy Minister Alexander Novak said on Wednesday.

OPEC’s second largest producer after Saudi Arabia, Iraq says it will not cut output because it needs oil money to fight the Islamic State.

Iraqi officials say the country should get the same exemptions as Iran, Nigeria and Libya – whose crude output has been hit by wars and sanctions.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam