Opec and allies may deepen oil cut deal

Baku, December 2, AZERTAC

The Organisation of Petroleum Exporting Countries (Opec) and allied oil producers will consider deepening their existing oil supply reduction deal by about 400,000 barrels per day to 1.6 million bpd, Iraq’s oil minister said yesterday.

The minister, Thamer Ghadhban, told reporters here that Opec and its allies, together known as OPEC+, will consider deepening the cuts at meetings due this week in Vienna.

Opec+ oil exporters have coordinated their 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, is due to expire at the end of March.

Iraq will exceed 100% commitment with the supply deal as of Sunday, Ghadhban also said.

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