Iraq will not ask for exemption from OPEC+ reduced output deal: Oil Minister

Flames emerge from flare stacks at Nahr Bin Umar oil field. (File photo: Reuters)

Iraq will not ask OPEC for exemption from a pact aimed at reducing output, and oil prices are expected to reach about $50 at the beginning of 2021, the al-Sabah state cited the oil minister as saying in a report on Sunday.

The minister, Ihsan Abdul Jabbar, said the commitment of members to the deal would help boost oil prices and Iraq was not seeking exemption “fearing from new retreat in oil prices,” the newspaper reported.

Read more: OPEC+ to hold informal online talks on Saturday: Source

Last Update: Sunday, 29 November 2020 KSA 07:41 - GMT 04:41