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OPEC and allies may deepen oil cuts to 1.6 mln bpd

02 December 2019 11:33 (UTC +04:00)

OPEC and allied oil producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd, Iraq’s oil minister said on Sunday, APA reports citing Reuters.

The minister, Thamer Ghadhban, told reporters in Baghdad that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will consider increasing the cuts in their supply pact at meetings in Vienna this week.

OPEC+ oil exporters have coordinated output for three years to balance the market and support prices. Their current deal, which agreed to cut supply by 1.2 million bpd from January this year, expires at the end of March.

Iraq, OPEC’s second-biggest oil producer behind Saudi Arabia, exported crude at an average rate of 3.5 million bpd in November, the oil ministry said on Sunday. Its total oil output averaged 4.62 million bpd in November.