Iraq prime minister says his country will cut oil production

EnergyAssociated 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.