Iraq prime minister says his country will cut oil production

Markets Associated Press

FILE - In this Monday, Nov. 9, 2009, file photo, an Iraqi worker operates valves at the Rumaila oil refinery, near the city of Basra, 550 kilometers (340 miles) southeast of Baghdad, Iraq. Iraq’s prime minister says his country will agree to cut ... production to boost oil prices. OPEC members will try to complete a production-cut deal when they meet Wednesday, Nov. 30, 2016, in Vienna. The long slump in crude prices is hurting many producers. (AP Photo/Nabil al-Jourani, File) (The Associated Press)

Iraq's prime minister says his country will agree to cut its own oil production as part of a plan by OPEC to push crude prices higher.

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Prime Minister Haider al-Abadi told The Associated Press that current prices are not sustainable for oil-producing countries.

Al-Abadi said he understands that OPEC members will agree to reduce production by between 900,000 and 1.2 million barrels per day — that would be a cut of between 2.7 percent and 3.6 percent from October levels.

He said it would be enough to push prices up.