Iraq to set new rules for sharing oil cuts

Shafaq News / The Iraqi Minister of Finance, Ali Allawi said that Iraq assured the OPEC + of its commitment to the agreement to reduce production, whiling asking it to take into consideration the economic conditions of members when sharing the burdens of any future cuts.

The minister said that Iraq is seeking to establish new rules in the future regarding burden sharing between member states to take into account the economic situation and living standards.

On Saturday, OPEC and OPEC + agreed to extend production cuts by one month until the end of July.

The OPEC + group, including Nigeria and Iraq, which had exceeded their production quotas in May and June, demanded that this would be compensated by additional cuts in the period from July to September.