Iraq Says OPEC+ to Mull More Cuts, Jarring With Group Stance
- Most analysts, traders surveyed expect no further cutbacks
- Banks see oil slumping below $50 without deeper output curbs
Photographer: Haidar Mohammed Ali/AFP via Getty Images
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Iraq said that OPEC and its allies will consider deeper production cuts, though the comments come after the coalition has widely signaled reluctance to take such action.
The reduction could be about 400,000 barrels a day, Iraq’s oil minister Thamir Ghadhban told reporters in Baghdad on Sunday, adding that Iraq complied with its commitment to lowering output in November. “This figure has been discussed and reached between OPEC ministers as a result of careful studies.”