By John Lee.
The head of Iraq’s State Oil Marketing Organization (SOMO) has said the world’s major oil producers must agree to freeze production, in order to shore up flagging oil prices.
Falah Alamri said:
“They should do this deal as this is the only way to support the oil price … Everybody needs it and Iraq supports this deal … A deal would now be effective.”
He was speaking ahead of a meeting of ministers from Opec and non-Opec countries, scheduled for Sunday in the Qatari capital Doha.
Iraq’s crude oil output rose to 4.55 million bpd in March, up from 4.46 million bpd in February; an analyst told Bloomberg that the record output may be “Iraq trying to establish a high baseline going into any freeze.”
Mr Alamri also said that Iran has the right to increase production to pre-sanctions levels.
(Sources: FT, Bloomberg)