December 4, 2018 / 11:29 AM / 6 months ago

OPEC must achieve crude price stability - Iraq minister

FILE PHOTO: Iraqi Oil Minister Thamer Ghadhban speaks to the media during a handover ceremony at the ministry's headquarters in Baghdad, Iraq October 31, 2018. REUTERS/Khalid Al-Mousily/File Photo

BAGHDAD (Reuters) - OPEC must come up with a medium- to long-term strategy to achieve crude price stability and minimise damage to oil markets caused by geopolitics, Iraq’s oil minister said on Tuesday.

Thamer Ghadhban said Iraq would work to help balance markets and bolster prices in a meeting this week of the Organisation of the Oil-Exporting Countries. Iraq is OPEC’s second-biggest producer after Saudi Arabia.

Solutions to low oil prices should “not be limited to decreasing output,” Ghadhban said in a statement, adding that any agreement reached at the meeting should avoid damage to interests of OPEC and non-OPEC oil producers.

Reporting by Ahmed Rasheed; Writing by John Davison

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