OPEC Will Work to Stabilize Markets at Next Meeting, says Iraqi Official

OPEC Meets With Counterparts To Resolve Output Cuts

Iraqi Deputy Oil Minister Fayadh al-Nema said on Wednesday, that OPEC will work to stabilize oil markets, crude prices and supplies at its next meeting.

“OPEC and non-OPEC producers will work together to restore balance to oil prices and supplies to make sure prices stay stable,” he told journalists at an oil exploration conference in Baghdad.

Last Friday, Iraq’s Oil Ministry said that the country resumed exports from its oil fields around Kirkuk, one year after the city was seized by federal forces from the autonomous Kurdish administration in the north of the country.

Ministry spokesman Assem Jihad said an agreement was reached with the Kurdish Regional Government to export 50,000 to 100,000 barrels of oil per day, beginning Friday, through a pipeline that runs through Kurdish territory to Turkey.

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