Economy News _ Baghdad
Iraq is committed to global supply cuts by OPEC and its allies and any decision to increase or reduce production should be taken collectively by OPEC, Oil Ministry spokesman Assem Jihad said on Monday.
"Iraq does not make an individual decision to compensate for the shortfall in the oil market for any reason," Jihad told Reuters when asked if Iraq was ready to increase its production to compensate for any potential shortage of Iranian oil supplies.
An informed source told Reuters the United States was expected to announce on Monday that Iranian oil buyers should stop imports quickly or face sanctions, triggering a 3 percent jump in crude prices to reach their highest levels this year.
economy-news.net/content.php?id=16366
Iraq is committed to global supply cuts by OPEC and its allies and any decision to increase or reduce production should be taken collectively by OPEC, Oil Ministry spokesman Assem Jihad said on Monday.
"Iraq does not make an individual decision to compensate for the shortfall in the oil market for any reason," Jihad told Reuters when asked if Iraq was ready to increase its production to compensate for any potential shortage of Iranian oil supplies.
An informed source told Reuters the United States was expected to announce on Monday that Iranian oil buyers should stop imports quickly or face sanctions, triggering a 3 percent jump in crude prices to reach their highest levels this year.
economy-news.net/content.php?id=16366