Iraqi oil minister expects 6-9 months OPEC output deal extension

Iraqi Oil Minister Thamer Ghadhban said on Sunday that he expects a global deal cutting crude production to be extended by six to nine months and that his country supports all efforts to improve stability in the oil market.

“The main oil producers are heading towards a decision to extend the oil production agreement by six to nine months,” the minister said in a statement ahead of talks among OPEC and its allies on Monday and Tuesday about renewing the pact.

“Iraq’s position is positive, deals with the reality of the challenges of the oil market and supports all (efforts) related to balancing oil supply and demand.”

Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output, Russian President Vladimir Putin said, as oil prices come under renewed pressure from rising U.S. supplies and a slowing global economy.