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Iraq, Algeria support extension of oil production cuts

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By Associated Press

Iraq and Algeria say they support the extension of oil production cuts by OPEC and non-OPEC producers through the end of the year to try to boost prices.

FILE -- In this Feb. 28, 2017 file photo, Saudi's Energy Minister Khalid Al-Falih speaks during a press conference at a hotel in Kuala Lumpur, Malaysia. Al-Falih suggested at an oil conference in Abu Dhabi, Thursday, April 20, 2017, that production cuts agreed to by OPEC and non-OPEC members may need to continue. Al-Falih's comments carry significant weight as Saudi Arabia remains a powerhouse among oil producers. (AP Photo/Daniel Chan, File)

In this Feb. 28, 2017 file photo, Saudi’s Energy Minister Khalid Al-Falih speaks during a press conference at a hotel in Kuala Lumpur, Malaysia. Al-Falih suggested at an oil conference in Abu Dhabi, Thursday, April 20, 2017, that production cuts agreed to by OPEC and non-OPEC members may need to continue. (AP Photo/Daniel Chan, File/ Manila Bulletin)

In a joint press conference Thursday in Baghdad by the oil ministers of the two countries, Iraqi Oil Minister Jabar Ali al-Luaibi said “there might be new ideas to be presented” at an OPEC meeting on May 25, without providing further details.

Iraq, OPEC’s second-largest producer, committed to reduce daily production by 210,000 barrels to 4.351 million barrels as part of a December agreement among major oil producers. That agreement stipulated a total reduction of 1.8 million barrels per day in the first six months of 2017.

Iraq relies on oil revenues for nearly 95 percent of its budget.

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