Iraq's oil minister "changed his tune": it was OPEC's decision to extend the oil production cut

Iraq’s oil minister said on Sunday that the extension of production cuts is a matter for OPEC and that the country will stick to any decision of the group. “The extension of voluntary production cuts depends protocol to an agreement between OPEC countries,” he said. Iraq is part of OPEC, and it is necessary for us to comply with and agree to any decision issued by the organization. Iraq’s oil minister hinted on Saturday that Iraq would not agree to extend production cuts. Oil ministers will meet in Vienna on June 1, and it is widely believed that they will extend the current restrictions into the second half of the year. As OPEC’s second-largest oil producer, Iraq’s failure to fully implement the existing production cuts has caused unease within the group.