IRAQ SUPPORTS OPEC CONTINUED OIL OUTPUT REDUCTION

BAGHDAD -- The Iraqi government Tuesday announced its backing to continued reduction of oil output, a move taken previously by OPEC and non-OPEC oil ministers.

Speaking at a news conference, Iraq's Prime Minister Haidar Al-Abadi said his country continues cutting oil production, and buttressing the move.

He stressed Iraq's commitment to reducing its quota in order to maintain stable and fair prices.

Reducing oil production and maintaining stable prices will not only be in favor of economies of oil-producing countries, but also all global economies, he said.

Saudi Arabia, a largest oil-producing country of OPEC, had previously welcomed continued reduction of oil output.

Meanwhile, Kuwait's Minister of Oil and Minister of Electricity and Water Essam Al-Marzouq Tuesday affirmed full support of the joint stance taken by Saudi Arabia and Russia on the extension of the agreement to cut oil production between OPEC and non-OPEC countries until March 2018 Russia and Saudi Arabia, the world's biggest oil producers, on Monday called for extending an output reduction deal ahead of an OPEC meeting later this month.

In a joint statement, Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Al-Falih agreed on steps taken to achieve stability at the market.

Source: NAM News Network