Iraq says committed to OPEC output cut

Baghdad, Iraq has said that it will start to cut its crude oil output “in the next few days” as planned refinery maintenance operations start. The country’s oil minister, Thamer Ghadban, said ahead of an OPEC meeting in the UAE this weekend, that his country is committed to the cartel’s 2018 agreement to cut production to shore up prices.

He said 90 percent of his country’s 2019 budget depends on oil revenue and the 2020 budget will be no different. The minister added that routine refinery maintenance and lower local demand will help the country’s honor its commitment in the OPEC agreement.

Source: Jordan News Agency