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Iraq No Obstacle to Global Oil Freeze

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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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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