Akos Stiller | Bloomberg | Getty Images
Jabbar al-Luaibi, Iraq’s oil minister, arrives for the 171st Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Wednesday, Nov. 30, 2016.
“I don’t think so. It’s only the freeze we are talking about. We will continue with the current cuts,” Luaibi told CNBC in Vienna. “We will continue to discuss this.”
Asked whether Iraq plans to improve its compliance with the deal, he said, “definitely.”
As of April, Baghdad had still not achieved its promised output reductions of 210,000 barrels a day from the October reference level, according to figures in OPEC’s monthly report. Earlier this week, Luaibi said Iraq was now producing at its quota.
Iranian Oil Minister Bijan Zanganeh said either a six- or nine-month extension would be acceptable.
“We think, based on the consultations we have had and the reports we have received, it’s a unanimous idea to continue the cut we decided in December,” he told CNBC.
