Editorial date: 2017/7/3
Oil Minister Jabbar al-Luaibi, who is currently in London, said he would wait for the outcome of the next OPEC meeting before announcing his position on whether the organization needed a bigger production cut.
Al-Luaibi said in response to a question on whether the organization needs to cut more than 1.8 million bpd agreed with 11 of its partners.
"There is no movement at the moment and things are going well and in the right direction, I think prices will rise again but let's see the outcome of the meeting," the oil minister told reporters on Monday.
Oil ministers from five countries monitoring the implementation of the cut-off agreement plus Saudi Arabia as OPEC's president are scheduled to meet in Russia on July 24.
The meeting may refer recommendations to a broader group convening a meeting in November to amend the agreement.
Iraq is the second largest producer of oil in the Organization of the Petroleum Exporting Countries [OPEC] after Saudi Arabia.