Iran, Iraq asked to Freeze Oil Output at Current Levels

By John Lee.

Qatar’s Energy Minister has reportedly said that Iran and Iraq are being asked to freeze oil output at current levels, as part of a wider deal to restrain production.

According to ArabianBusiness.com, Mohammed Al Sada told reporters:

“We are discussing with both countries on that and we are looking at various ways and means of coming to a mutual understanding.”

Industry sources, and documents seen by Reuters, suggest that Iraq would have to compensate international oil companies (IOCs) for any limits placed on their production, compounding the financial hit of losing much-needed oil revenue.

(Sources: ArabianBusiness.com, Reuters)

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