Iraq says it has enough oil capacity to meet customer needs GlobeBusiness
Iraq's oil minister Thamer Ghadhban speaks during an interview with Reuters at the oil ministry in Baghdad, Iraq on Nov. 6, 2018.Iraq’s oil minister said on Thursday his country had the capacity to increase its oil production to 6 million barrels per day if needed, but it was committed to OPEC-led output cuts and would not take unilateral action to boost supply.
“We are very keen to secure oil supplies for consumer states and to maintain market stability,” oil minister Ghadhban said.On Monday, the United States decided not to renew exemptions from sanctions against Iran granted last year to buyers of Iranian oil, taking a tougher line than expected and triggering a rally in oil prices on fears of oil supply shortages.
The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, agreed to cut output by 1.2 million bpd. They will meet on June 25-26 to decide whether to extend the pact. Asked about the effect of U.S. sanctions on markets, Ghadhban said there was “no need for fear and panic.”
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