Iraq has achieved its share of the production cuts agreed by OPEC and non-OPEC producers at the end of previous year but remains ready to meet future oil demand growth, Iraqi oil minister Jabar al-Luaibi said in a speech on Monday.
OPEC officials gathering in Vienna on Friday to prepare for next week's ministerial meeting kept their focus on rising USA shale oil production, which has been diluting the price impact of their production cuts.
National representatives from the Organization of Petroleum Exporting Countries and officials from several nonmembers discussed in Vienna on Friday the outlook for rising US shale oil production, which has been diluting the effect of their production cuts.
Oil prices have gained support from reduced output but high inventories and rising supply from producers not participating in the accord - particularly U.S - have limited the rally, pressing the case for extending the curbs. Opec and other global producers such as Russian Federation had agreed to reduce production in the first six months of this year, and the decision to extend the cuts will be taken when they meet in Vienna at the end of the month, he said.
On Friday, Brent crude LCOc1 closed up $1.10, or 2.1 percent, at $53.61, the highest settlement for the global benchmark since April 18. Thus, we continue to expect world oil consumption to expand by 1.3 million b/d this year and 1.2 million b/d next year, an encouraging sign for Opec.
Producers are working on fixing some "deviations" to the output limits set when they agreed on the cuts past year, al-Falih said.
Iraq's Oil Minister Jabbar al-Luaibi said nearly all countries participating in the cut had agreed to extend it, though there was no consensus yet on how long the extension should be.
Falih said his understanding from a public announcement by his Iranian counterpart was that Iran was happy to stay within the production ceiling allocated to them past year. It is required to reduce global stockpiles to the five-year average, reiterated energy ministers of the world's biggest crude producers.
Iran was the only OPEC member allowed to increase its output under the supply cut deal.
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Preliminary April data indicated stocks would rise further, the IEA said.
However, the minister's speech also said that Iraq is ready to meet any growth in global oil demand by maintaining spare production capacity, improving export infrastructure and the adoption of modern technology in exploration and production.
The two ministers said they had made a decision to recommend to their OPEC and non-OPEC peers that the 1.8 million barrels per day of combined production cuts in force since January this year be rolled over to March 2018.
"Our expectation going forward is continuing a balanced and reasonable cut in volumes will optimize for all producers all their revenue, while at the same time keeping prices in a reasonable range for consumers and for the overall market", he said.
Kristian Rouz - OPEC member-states and other oil-producing nations are meeting on May 25 to discuss, among other things, the extension and deepening of oil extraction caps in order to support crude prices and ease the supply-side glut issue.
That compares with a supply reduction of 1.2 MMbpd from October levels implemented by OPEC, plus a cut of less than 400,000 bpd from non-members.
OPEC has been urging other producers to join the supply pact.
OPEC's national representatives and officials from its Vienna secretariat met on Wednesday and Thursday, sources said.