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Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an OPEC minister about a potential decision as oil prices slide. OPEC+ agreed to cut production in late 2022 to support the market as the economic outlook worsened, hitting prices. The announcement helped push oil prices sharply higher, but those gains have since been erased as fears of a global economic slowdown took hold.

Exclusive: Iraq does not expect OPEC+ to make further cuts at June meeting

Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an OPEC minister about a potential decision as oil prices slide. OPEC+ agreed to cut production in late 2022 to support the market as the economic outlook worsened, hitting prices. The announcement helped push oil prices sharply higher, but those gains have since been erased as fears of a global economic slowdown took hold.

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