Iraq, Algeria support extension of oil production cuts

Iraq and Algeria say they support the extension of oil production cuts by OPEC and non-OPEC producers through the end of the year to try to boost prices.

In a joint press conference Thursday in Baghdad by the oil ministers of the two countries, Iraqi Oil Minister Jabar Ali al-Luaibi said "there might be new ideas to be presented" at an OPEC meeting on May 25, without providing further details.

Iraq, OPEC's second-largest producer, committed to reduce daily production by 210,000 barrels to 4.351 million barrels as part of a December agreement among major oil producers. That agreement stipulated a total reduction of 1.8 million barrels per day in the first six months of 2017.

Iraq relies on oil revenues for nearly 95 percent of its budget.