Iraq willing to freeze oil production

21 February 2016

Oil Ministry spokesman says Iraq will limit production if big producers agree to cap output

Iraq has said it is willing to freeze oil production at January levels if other big producers also agree to limit crude output.

“Iraq wants the stability of the oil markets and will contribute to any action that will prop up prices, but only if all producers in OPEC and outside OPEC do the same,” Iraq Oil Ministry spokesman Asim Jihad said.

On 16 February, Saudi Arabia, and the biggest non-Opec crude producer, Russia, announced a preliminary agreement to freeze oil production at January levels.

Venezuela and Qatar have also said that they are willing to limit production.

The talks on limiting production come after a collapse in global crude prices.

Since June 2014, global oil prices have fallen by two-thirds – with West Texas Intermediate crude slumping below $30 a barrel in January 2016.

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