OPEC to Decide on Cuts By End of 2018

OPEC to Decide on Cuts By End of 2018

BAGHDAD (AP) -- Iraq says OPEC will decide by the end of this year whether to extend production cuts and by how long.

Addressing an energy conference in Baghdad on Wednesday, Iraqi Oil Minister Jabar Ali al-Luaibi says OPEC will assess the oil market before making a decision.

Some countries are suggesting six-month extension, while others prefer three months, but he said "Iraq definitely will not deviate from the overall decision of OPEC."

In line with production cuts that began in 2016, OPEC and non-OPEC members have lowered production by 1.8 million barrels a day in a bid to prop up global prices.

Iraq — OPEC's second-largest producer — reduced daily production by 210,000 barrels.

(KA)