Iraqi Oil Min: oil prices still need more support and stability

According to a statement released by Iraqi Oil Minister Jabar al-Luaibi on Monday, oil prices still need more support and producers should act wisely without being influenced by conflicting calls to pump more oil.

   •  Should not exaggerate the need for the oil market for more supplies
   •  Iraq has reduced production and applied December 2016 OPEC agreement. 
   •  Rejects unilateral decisions by some oil producers that act without consulting the other OPEC members of the OPEC+ agreement.
   •  Iraq one of the first countries to affirm the extension of the 2017 agreement despite the challenges it faced. 
   •  Producers within and outside OPEC have not yet reached planned target following historic decision to cut production.
   •  Warns that unilateral decisions on oil output could constitute a breach of OPEC, non-OPEC cut deal and could lead to its collapse.