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Iraq, OPEC’s second-largest oil producer, does not rule out OPEC+ members taking extra measures to halt the further slide of oil prices, but any steps will need to take into account global oil market developments, the country’s oil minister said on Tuesday.
Iraq’s Thamer al-Ghadhaban, who participated in an emergency video-conference meeting among OPEC+ ministers on Tuesday, said any new OPEC+ measures also will depend on compliance of coalition members and producers outside the alliance with output cuts, the oil ministry said in a statement.
The emergency meeting of OPEC+, a coalition of OPEC and other oil producers, was held on Tuesday following the tumbling of WTI prices into negative territory on Monday for the first time ever due to shortage of storage in the US.
OPEC+ members agreed earlier this month to rein in output by a record 9.7 million b/d in May and June and gradually reduce those cuts through April 2022.
Iraq’s comments echoed those of Saudi Arabia.
The Saudi Arabian cabinet on Tuesday affirmed its desire for oil market stability and commitment with key non-OPEC partner Russia to implement the agreed production cuts.
The cabinet expressed “readiness to take any extra measures in cooperation with members of OPEC+ and other producers,” according to a statement on state-run Saudi Press Agency.
Brent was trading down 14.4% at $16.57/b at 0600 GMT, while WTI was 2.9% lower at $11/b.
