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UPDATE 1-Iraq, Algeria favour extending OPEC-led output cut for six months
May 10, 2017 / 4:30 PM / 4 months ago

UPDATE 1-Iraq, Algeria favour extending OPEC-led output cut for six months

(Adds Iraq)

ALGIERS/BAGHDAD, May 10 (Reuters) - Algeria and Iraq are in favour of extending OPEC and non-OPEC producers’ deal on global oil supply cuts for a further six months, the Algerian energy ministry said on Wednesday.

An Iraqi oil source with knowledge of the talks confirmed Baghdad supported an extension of the deal after the Iraqi and Algerian oil ministers met in Baghdad on Wednesday.

“Iraq is on board with extending the deal in the next OPEC meeting to help stabilise oil prices and balance the market,” said the source.

The Organization of the Petroleum Exporting Countries and non-OPEC producers, such as Russia, decided late last year on an output cut of 1.8 million barrels per day (bpd) from Jan. 1 to June 30 this year to reduce global oil inventories.

Oil prices rose on Wednesday after Iraq and Algeria joined Saudi Arabia in supporting an extension to supply cuts and U.S. crude inventories fell more than expected.

OPEC is due to meet later this month in Vienna. (Reporting by Patrick Markey and Ahmed Rasheed; Editing by Mark Potter)

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