Will cut oil production, says Iraq PM

Baghdad

Prime Minister Haider al-Abadi told The Associated Press that current prices are not sustainable for oil-producing countries. Al-Abadi’s comments could be critical because Iraq along with Iran has been reluctant to go along with cuts, creating an obstacle for an OPEC deal, according to published reports. Al-Abadi said he understands that OPEC members will agree to reduce production by between 900,000 and 1.2 million barrels per day that would be a cut of between 2.7 per cent and 3.6 per cent from October levels. He said it would be enough to push prices up. “Yes, we will take our share and we agreed to this,” he told the AP.