Middle East

Iraq sets ceiling on oil production before Algeria meeting

OPEC member Iraq says it supports any deal to prop up oil prices ahead of next week's meeting of oil producers in Algeria.

In a statement issued late Thursday, Iraq's Oil Minister, Jabar al-Luaibi, set a production ceiling of between 4.75 and 5 million barrels per day. Al-Luaibi said Iraq's "fixed policy is to maintain Iraq's share" in the global oil market.

Members of the Organization of the Petroleum Exporting Countries and non-OPEC producers are scheduled to meet Sept. 28 in Algeria in a bid to reach a deal to boost prices by limiting oil production. In April, oil producers met in Qatar to discuss the proposal but failed to agree on a cap after Iran, which wants to boost exports after years of sanctions, refused to join in.