Iraq supports the extension of OPEC cuts for a further six months - Reuters

According to a recent Reuters report, citing Iraqi oil minister Jabar al-Luaibi, Iraq has achieved its share of the production cuts agreed by OPEC and non-OPEC producers at the end of last year but remains ready to meet future oil demand growth.

Speaking at an industry event in London on Monday on the minister's behalf, Falah Alamri, head of oil marketer SOMO, said: "Iraq as the second-largest producer in OPEC confirms its achievement to the commitment to implement the production cut and has recently announced its readiness to a further extension to the cut agreement." However, he also added that Iraq supports the extension of OPEC cuts for a further six months, disappointing the investors who have been expecting an extension of nine months.

Al-Luaibi is scheduled to meet Saudi energy minister Khalid Al-Falih in Baghdad on Monday ahead of the OPEC meeting in Vienna on May 25.