by Aref Mohammad
BASRA, Iraq (Reuters) – Iraq does not expect OPEC+ to decide on further oil production cuts at its next meeting, scheduled for June, Iraqi Oil Minister Hayan Abdel- Ghani.
“There will be no further cuts (in production) at the next meeting (…) and, as far as Iraq is concerned, we cannot cut any further,” Hayan Abdel-Ghani said in an interview. granted to foreign media.
OPEC+ decided at the end of 2022 to cut oil production due to the uncertainty weighing on the global economy.
OPEC+ members announced further production cuts at the beginning of April, for a total volume of around 1.2 million barrels per day (bpd), a surprise decision intended according to the cartel members to maintain stability in the oil market.
Crude prices then rebounded, gains that have since been erased due to fears of a slowing global economy.
The next OPEC+ meeting will be held June 3-4 in Vienna, Austria.
(Aref Mohammed in Basra report, written by Timour Azhari; Camille Raynaud, edited by Tangi Salaün)
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