20 September 2017, Sweetcrude, Lagos – A member of the Organisation for the Petroleum Exporting Countries, OPEC, Iraq, has said it sees no need for a further oil production cut.
According to the country’s oil minister, Jabar al-Luaibi on Tuesday, the country thinks the market will rebalance itself with the ongoing cuts which will end in March 2018, Reuters reports.
Iraq already cuts around 260, 000 barrels per day, more than its share of planned reduction.
“Prices in the range of $55 to $60 barrels a day are better for everyone”, he said.
In a bid to boost price, OPEC and Non-OPEC, including Russia, agreed to cut production by about 1.8mb/d until March 2018.