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Iraqi Oil Minister States Iraq's Reserves May Equal Saudi Arabia's Reserves

Under the OPEC deal, Iraq agreed to cut production by 210,000 bpd.

Iraq has the right to achieve oil output that is in line with its crude reserves, Oil Minister Jabar al-Luaibi said on Monday at an event in London.

Iraq is the second-largest producing member of the Organization of the Petroleum Exporting Countries after Saudi Arabia.

"Iraq is a country that maybe in our life, or after our life, (will) definitely have reserves that will be equal to Saudi Arabia," Luaibi said.

"Why should Iraq be deprived from increasing its production? Not to disturb or disrupt OPEC at all, or the prices, but it is our right to have our production that corresponds to our reserves," he said.

OPEC members and other producers led by Russia agreed last year to cut output by about 1.8 million barrels per day (bpd) to tackle bloated crude inventories and support prices.

Under the deal, Iraq agreed to cut production by 210,000 bpd.

"We have gas, we have oil. We have the right to do well. As simple as that," Luaibi added. Source: Reuters 

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