Business & Finance

Iraq Joins OPEC to Freeze Crude oil Production

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Iraqi Prime Minister, Haider al-Abadi, on Tuesday announced that the country will support a freeze on the production of crude oil by OPEC members in the next energy meeting in Algeria on September 26 to 28.

“We support freezing oil production by OPEC due to the sharp decline of oil prices,” Mr. Abadi said at a news conference, saying it would help government-salaried oil-industry workers.

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OPEC controls a third of the world oil production output. A freeze could see the price of oil, which has hit record lows, to rise again.

Wall Street Journal

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