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Iraq accuses other oil producers of exceeding quotas

AFP  |  Baghdad 

today accused other of extracting more barrels of crude than agreed by and its partners, ahead of a meeting of the cartel next week.

"Producers who are or are not members of have not respected the set target... and the price of petrol has not reached the desired level," said

In order to "reach a fair and consistent price, we need more support, stability and engagement from the producing countries for the agreement" reached in early 2017, he said in a statement.

At the time, the Organization of Petroleum Exporting Countries and other countries pledged to limit output and measures to boost crude prices.

But according to the Russian agency Interfax, in the first part of June Russia exceeded its daily production target of 10.95 million barrels per day.

member is currently producing 4.325 million barrels a day, according to the Luaibi.

It has often called for measures to be taken to boost to support its budget, hit largely by the price slump and its three-year war on jihadists.

supports "the stabilisation of market prices even if our country has experienced wars for 30 years and needs to rebuild itself urgently", Luaibi told reporters today.

"We respect OPEC's decisions," he added.

OPEC and its partners are scheduled to discuss the agreement at a meeting in on June 22.

"The main issue to be decided (in the Austrian capital) is the stabilisation of the market," said Luaibi.

Asked about the possible impact on the talks of the crisis between arch-foes and Iran, the said the Iraqis would "meet the Iranians and the Saudis to discuss and try to make sure the market is stabilised".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 12 2018. 02:15 IST