Foreign news on May 12, Iraqi Oil Minister Hayan Abdel-Ghani said that Iraq does not believe that OPEC will further cut production at the next meeting in June.
"The next meeting will be on June 3 and 4, there will be no further cuts, and as for Iraq, we cannot cut further," Abdel-Ghani said in an interview for the first time since he took office last year. Accept foreign media interviews.
OPEC members and other oil producers represented by Russia, which form the OPEC group, agreed to cut production at the end of 2022 to support the market as the deteriorating economic outlook hit prices.
Then in early April, Saudi Arabia and other OPEC members unexpectedly announced further production cuts of about 1.2 million barrels per day.
The announcement helped push oil prices higher, but those gains have since been wiped out amid heightened concerns over a global economic slowdown.
Brent crude futures were at $75.25 a barrel by 1710 GMT.
OPEC members will meet in Vienna on June 4 to decide on next steps.
Abdel-Ghani said, "The second production cut is voluntary, which will help a lot to stabilize the market and boost prices."
The production cuts in April punished oil bears, those who bet on lower prices.
Looking back at 2020, Saudi Energy Minister Abdulaziz bin Salman warned traders against placing big bets on the oil market, promising that those who bet on oil prices would "pain like hell".
Iraq said it would cut production by 211,000 bpd from May as part of voluntary production cuts.
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