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Iraq to Coordinate Efforts With OPEC to Keep Oil Prices Stable

Plan to prevent further price changes

Iraqi Prime Minister Haider al-Abadi has announced that Iraq will coordinate efforts with OPEC and non-OPEC countries in order to stabilize oil prices. 

Russia, OPEC states and other oil producing states last week agreed to a slight increase in oil production beginning in July, with OPEC agreeing to raise production by around 1 million barrels per day, which equates to roughly 1% of global supply. It is expected however that the real increase will be less than this figure as some states may struggle to reach the full quote increases due to production difficulties. 

Source: Reuters

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