Iraq plans higher oil output ahead of OPEC talks

Iraq’s newly-appointed oil minister Jabbar Al-Luaibi called on international companies to increase oil and gas output to boost national revenue ahead of an informal OPEC meeting in Algeria, news agencies reported, citing an e-mailed statement from the Oil Ministry on Tuesday.

OPEC members will meet next month amid growing concerns over oversupply and slower global demand.

Saudi Arabia’s energy minister Khalid Al-Falih was recently quoted as saying by media that there was an opportunity to discuss “possible action” that may be required to stabilize the market. Russian Energy Minister Alexander Novak also said he was open to discussing a freeze.

Al-Luaibi has said Iraq is seeking investments to boost oil and gas reserves and export capacity. Last year, under his predecessor, Iraq’s oil ministry asked oil companies to reduce their 2016 spending plans, citing lower oil prices and government revenue.

Earlier this week, Bloomberg reported that Iraq is planning to increase its oil exports by 5 percent to 150,000 barrels a day this week, following an agreement to resume shipments from three oil fields in Kirkuk.

Iraq, OPEC’s second-biggest producer, saw its oil production peak at 4.51 million barrels a day (mbd) earlier this year, before falling to 4.36 mbd in July.