Iraq Set to Work on Restoring Balance Within OPEC – Oil Minister

© REUTERS / Essam Al-SudaniA worker walks at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015
A worker walks at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015 - Sputnik International
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Iraq is ready to cooperate on achieving balance within the Organization of the Petroleum Exporting Countries (OPEC) with other members of the cartel, country’s Oil Minister Jabar Ali Luaibi said Tuesday.

Oil production. - Sputnik International
OPEC Expects Higher Oil Demand for Rest of 2016 – President
MOSCOW (Sputnik) – Luaibi added that Iraq was going to increase its oil reserves by boosting exportation and investment activities.

"We are working on the policy of achieving balance within OPEC and strengthening the role of Iraq," Luaibi said as quoted in a statement on the Oil Ministry’s website.

Baghdad is interested in cooperation with neighboring states to achieve common goals, he noted.

Luaibi was appointed as the new oil minister by the Iraqi parliament on Monday. He previously served as the head of the state-run South Oil Company.

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