Iraq sets ceiling on oil production before Algeria meeting

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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.