TEHRAN, May 06 - Iraq's oil minister has stressed that his country won't increase oil production to meet supply shortages in any case as the country is totally committed to an agreed OPEC crude output cut.
TEHRAN, Young Journalists Club (YJC) - Iraqi Oil Minister Thamer al-Ghadhban said on Sunday his country was committed to an OPEC-led crude output cut, which has supported prices, and would not decide unilaterally on any production boost to meet a potential supply shortage for any reason, Reuters reported.
Thamer Ghadhban, visiting Doha, made the comments in a statement issued by his ministry.
The Trump administration last week on May 1 stop waivers on Iran oil sanctions, ended six months of exceptions to Iranian oil costumers.
The decision aims to reduce Iran's oil exports to zero, but has actually resulted in a rally in oil prices which gained momentum in April after Donald Trump tightened sanctions against Iran.
Trump on Friday said that he called heads of OPEC and told the producer group to pump more oil to offset US sanctions on Iran.
On May 3, Iran's Oil Minister warned OPEC on threats against Tehran's interest.
Iranian Oil Minister said that Iran is a member of OPEC because of its interests and if other members of OPEC seek to threaten Iran or endanger its interests, Tehran would not leave any threats against it unanswered.
Bijan Namdar Zanganeh after meeting the visiting Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammed Sanusi Barkindo on Thursday in Tehran warned over possibility of OPEC's 'collapse' and said: "It is possible that OPEC could 'collapse' because of the 'unilateralism' some members of the organization insist on."
Source: Iran Press
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