Iraqi minister agrees with Saudis to extend OPEC cuts for 9 months

Record ID: 876573

  • Title: Iraqi minister agrees with Saudis to extend OPEC cuts for 9 months
  • Date: 22nd May 2017
  • Summary: BAGHDAD, IRAQ (MAY 22, 2017) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** IRAQI OIL MINISTER JABAR ALI AL-LUAIBI AND SAUDI ENERGY MINISTER KHALID AL-FALIH GIVING NEWS CONFERENCE (SOUNDBITE) (Arabic) IRAQI OIL MINISTER JABAR ALI AL-LUAIBI, SAYING: "We agreed with the Kingdom (of Saudi Arabia) and the minister's call to extend oil output cut agreed on by OPEC last year for six to nine months." OFFICIALS STANDING, WATCHING PRESS CONFERENCE (SOUNDBITE) (Arabic) SAUDI ENERGY MINISTER KHALID AL-FALIH, SAYING: "Today's talks with his excellency (eds note: refers to Iraqi) prime minister gave green light and approval to a nine- month extension. Iraq as a founding member of OPEC and the third country among the 24 member states to join OPEC after Saudi Arabia and Russia is a fundamental to reaching an agreement." AL-LUAIBI AND AL-FALIH GIVING NEWS CONFERENCE (SOUNDBITE) (Arabic) SAUDI ENERGY MINISTER KHALID AL-FALIH, SAYING: "All the countries within OPEC, which I have talked to have agreed on a nine-month extension. Definitely there is no need to talk to all the 24 member states, however, I do not expect any objection within OPEC to the issue, but the decision will not be finalised until OPEC meeting on May 25 when all the countries sign on the extension decision." IRAQI AND SAUDI OIL MINISTERS LEAVING AFTER END OF NEWS CONFERENCE
  • Embargoed: 5th June 2017 20:55
  • Keywords: Khalid Al-Falih Saudi Arabia Jabar Ali Al-Luaibi OPEC Iran oil output
  • Location: BAGHDAD, IRAQ
  • City: BAGHDAD, IRAQ
  • Country: Iraq
  • Topics: Organization of the Petroleum Exporting Countries,Government/Politics
  • Reuters ID: LVA0016HX9TTZ
  • Aspect Ratio: 16:9
  • Story Text: OPEC heavyweights Saudi Arabia and Iraq agreed on Monday (May 22) on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week.
    Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within the Organization of the Petroleum Exporting Countries to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad.
    The Saudi minister told a joint news conference with his Iraqi counterpart Jabar Ali al-Luaibi that Iraq had given the "green light" to a proposal for a nine-month extension that would be presented to the meeting in the Austrian capital. Iraqi Oil Minister Jabar Ali al-Luaibi said he agreed with Saudi Arabia on the need for a nine-month extension.
    OPEC meets in Vienna on Thursday (May 25) to consider whether to prolong the original deal reached in December in which OPEC and 11 non-member countries, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register