Iraq may seek exemption from OPEC oil cuts to boost own output: Hakim

0
19

The chairman of the Islamic Supreme Council of Iraq Ammar al-Hakim

Cairo (Reuters) Iraq might search to be exempt from a deal between oil exporters to scale back international provide with a view to assist crude costs and ask to spice up its personal output, the chief of the nation’s Shi’ite ruling coalition Ammar al-Hakim instructed Reuters.

OPEC is because of meet in Might to determine on an extension of provide curbs determined late final 12 months to elevate costs.

Talking in Cairo, Hakim cautioned that Baghdad might ask to be exempted from collaborating within the provide curbs because the nation wanted its oil earnings to battle Islamic State.

“Given these delicate circumstances, it’s the proper of Iraq to hope for an exemption by the opposite OPEC member states and have a chance to extend its manufacturing,” Hakim, an influential cleric, stated in an interview late on Wednesday.

“However we’re with the precept of decreasing the general OPEC provide to elevate costs.”

Hakim is the president of the Nationwide Alliance, a coalition of the primary Shi’ite political teams together with Prime Minister Haider al-Abadi’s Dawa get together. The Shi’ite group types a majority in Iraq.

Iraq is OPEC’s second-largest producer, after Saudi Arabia, with an output of four.464 million barrels per day (bpd) in March, a discount of greater than 300,000 bpd on ranges earlier than OPEC cuts had been applied from Jan. 1.

Baghdad reluctantly agreed to participate within the present settlement to restrain output. Hakim was one of many Iraqi leaders whom OPEC Secretary Mohammed Barkindo met whereas on go to to Baghdad in October when making an attempt to dealer a deal.