September 19, 2017 / 6:43 AM / a year ago

Iraq considers it premature to decide on future of supply cuts

FUJAIRAH, United Arab Emirates (Reuters) - Iraq’s oil minister, Jabar al-Luaibi, said on Tuesday that it was premature now to decide on what OPEC and other producers should do beyond March 2018, when the current supply-cut pact expires.

Iraqi Oil Minister Jabar Ali al-Luaibi speaks during a media conference with Saudi Energy Minister Khalid al-Falih (not pictured) in Baghdad, Iraq, May 22, 2017. REUTERS/Khalid al Mousily

“It is premature to come to a conclusion or decision seven months before March. There are talks, dialogues and an exchange of visions,” he told an energy conference in the United Arab Emirates.

He said some oil producers think the pact should be extended for few months beyond March, others want an extension until the end of 2018, while some, including Iraq, think there should be another round of cuts in supply.

Reporting by Rania El Gamal, editing by Louise Heavens

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