21 April 2017, 10:41 GMT
MOSCOW (Sputnik) — The minister confirmed that OPEC would discuss the extension issue on May 25 at a regular meeting in Vienna.
"There is… an orientation to the extension, as this would lead to stabilization of prices, which would have a positive impact on the Iraqi budget," Luaibi said.
OPEC on November 30, 2016 agreed in Vienna to reduce its production by 1.2 million barrels per day from the October level. Eleven non-OPEC countries on December 10, 2016 agreed to cut their production by a total of 558,000 barrels per day, including Russia by 300,000 bpd. The agreement was concluded for the first half of 2017 with the possibility of extension. The decision on the future of the agreement will be made in Vienna May 25.
