Luaibi: Iraq will work with OPEC

Iraq, August 18, 2016

New Iraqi Oil Minister Jabar Ali al-Luaibi has said he wants to work to increase Iraq’s oil reserve estimates and increase exports while working with OPEC on quotas, which currently stand at 14% of OPEC production for Iraq. Luaibi noted,

“We will work to draw up stable policies and work to achieve balance within the Organization of the Petroleum Exporting Countries.”

Iraq has typically had a 14% quota in OPEC, but current market conditions have eroded the quota system and there are ongoing talks about revising quotas, particularly in light of Iran’s re-entry to the market.

(Source: Reuters)