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Iraq still opposed to raising quotas, wants OPEC/non-OPEC cut deal left intact

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Iraq still opposed to raising quotas, wants OPEC/non-OPEC cut deal left intact

Vienna — Iraq remains opposed to OPEC lifting quotas under its production cut dealwith non-OPEC partners, its oil minister said Thursday.

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"Iraq is for keeping the declaration as it is through the end of theyear. That will stabilize the market," Jabbar al-Luaibi said in Viennaafter meeting with Iranian counterpart Bijan Zanganeh, who likewise doesnot want to see the quotas rolled back.

OPEC gathers Friday to decide on the future of the 1.8 million b/dOPEC/non-OPEC production cut agreement, with Saudi Arabia and Russiapushing for output increases.

Russia has called for a 1.5 million b/d increase, while Saudi Arabia isreportedly pushing for a smaller boost of up to 600,000 b/d.

Luaibi declined to define any proposals being considered by the group.

"We have many options to discuss," he said. "There are some conflictsbetween the blocks, Saudi Arabia and Iran. We are trying to narrow thegap."

Iraq and Iran have been invited to Thursday afternoon's meeting of theOPEC/non-OPEC monitoring committee, which Saudi Arabia chairs and Russiaserves as co-chair.

"We have many, many options and many, many ideas," Luaibi said. "We aretrying to reach a formula that [will make] almost everybody be happy."

-- Staff, newsdesk@spglobal.com

-- Edited by Andy Critchlow, andy.critchlow@spglobal.com