Iraq ready to cut oil production

Iraq ready to cut oil production

Baghdad is ready to reduce oil production, the country's Prime Minister Haider al-Abadi said.

"Yes, we have agreed to cut production. Iraq will stick to this because the current level of oil prices is inadequate. It is not sustainable," Associated Press cited him as saying.
The politician said that the other exporting countries should commit themselves as well. As a result, the production level will be lowered by between 900,000 to 1.2 million bdp, which is enough to push prices up. 

"According to our own calculations, I think that the rise in oil prices, every one dollar for a barrel of oil will add one billion dollars to our budget. So, I think we will have more by cutting the production and increasing the price," al-Abadi said.