Readout: Oil Minister Luiebi briefs before crucial OPEC meeting

Readout: Oil Minister Luiebi briefs before crucial OPEC meeting
Iraqi Oil Minister Jabbar al-Luiebi answers questions from reporters at the OPEC headquarters ahead of the organization's crucial meeting on May 25, 2017. [BEN LANDO/Iraq Oil Report]

Highlights:

  • Iraq pledges to support prospective extension, won’t flood the market
  • Extension would not derail Iraq’s plans to achieve 5 million bpd of capacity
  • Refinery runs to increase from 520,000 to 650,000 bpd

VIENNA - Iraqi Oil Minister Jabbar al-Luiebi briefed journalists Thursday just before a key OPEC meeting, in which member countries are negotiating a potential extension of production cuts agreed to late last year.

Luiebi covered a range of topics, from Iraq's specific oil policies to the OPEC-wide attempt to bolster oil prices. Here is a slightly condensed transcript of Luiebi's remarks.

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