Iraq, Algeria support extension of oil production cuts

Published May 24, 2017

FILE -- In this Nov. 30, 2016 file photo, Iraq's Minister of Oil Jabar Ali al-Luaibi speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria. Iraq and Algeria said Thursday, May 11, 2017, that 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, al-Luaibi said "there might be new ideas to be presented" at an OPEC meeting on May 25, without providing further details. (AP Photo/Ronald Zak, File) (The Associated Press)

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.

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