LONDON (Reuters) - Iraqi oil minister Jabar al-Luaibi said on Monday he would wait for the outcome of OPEC’s upcoming committee meeting before pronouncing on whether or not the group of producers needs to cut crude output more deeply or not.
Al-Luaibi, who was asked if the Organization of the Petroleum Exporting Countries needed to deliver a more aggressive cut than the 1.8 million barrels per day it has agreed with 11 of its partners, was speaking at an event in London.
“There is no action at the moment. It seems to be ok, in the right direction. I think prices will go up again, but let’s see the outcome of the meeting,” he told journalists.
OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply cut into 2018, but oil has fallen sharply since then on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output.
Oil ministers from five countries monitoring the deal plus Saudi Arabia as OPEC president are scheduled to meet in Russia on July 24. They could make a recommendation to the wider group, which holds its next meeting in November, on adjusting the pact.
Iraq is the second-largest member of OPEC after Saudi Arabia.
Reporting by Ahmad Ghaddar; Writing by Amanda Cooper; Editing by Louise Heavens