Iraq ready to cooperate on oil output deal

BAGHDAD: Iraq told a top OPEC official on Tuesday it was ready to cooperate in reaching a deal on supply cuts to support oil prices as long as it kept its output at near current levels.

“We are prepared to cooperate on the correct basis,” Prime Minister Haider Al-Abadi said, commenting on the visit by OPEC Secretary General Mohammed Barkindo to Baghdad.

Barkindo, who is trying to cement an accord on supply cuts that would support sagging oil prices, was in Baghdad ahead of OPEC’s meeting on Nov. 30.

Iraq says it will not cut output as it needs oil money to fight Daesh. Iraqi officials say the war-torn nations should get the same exemptions as Iran, Nigeria and Libya.

“We want oil prices to increase,” said Al-Abadi. “There was a misunderstanding about the figures.”

Iraq puts its September output at 4.774 million bpd and its production could rise a little in October.