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Iraq agrees to cut down oil production

Iraq, along with Iran, had earlier been reluctant to go along with cuts, creating an obstacle for the Opec deal

AP | PTI  |  Baghdad 

Stating that the current prices are not sustainable for oil-producing countries, Iraq's Prime Minister Haider al-Abadi said his country would agree to cut  down its oil production as part of Opec's plan (Organization of the Petroleum Exporting Countries) to push crude prices higher. Al-Abadi's comments could be critical because Iraq along with Iran has been reluctant to go along with cuts, creating an obstacle for an Opec deal, according to published reports. Al-Abadi said he understands that Opec members will agree to reduce production by between 900,000 ...

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