Iraqi OiMin Al-Luaibi: OPEC cuts shouldn’t be at Iraq’s expense

At a news conference in Baghdad over the weekend, Iraqi oil minister Jabber Al-Luaibi said Iraq should be exempted from cutting production because it’s embroiled in a war with Islamic militants, Bloomberg reports.

Key Quotes:

“We are with OPEC policy and OPEC unity. But this should not be at our expense.” 

“We see reasons to take steps to balance the market in coming months to bring investments back and reduce volatility,”

 "We discussed issues related to levels of limiting oil production by Russia and by other countries that may join the agreement, but it’s too early to tell the concrete figures because the process of finalizing positions is going on.”