Oil production freeze 'the only way' to tackle falling prices, Iraq says
Persistently low oil prices have wreaked havoc on economies reliant on oil
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The biggest oil producers in the world must reach an agreement to freeze production to stop the oil price falling again, according to the head of Iraq's state oil-selling company.
Falah Alamri, the director of the Oil Marketing Company, told the Financial Times that oil producers need an agreement when they meet in Qatar on April 17.
"They should do this deal because it is the only way to support the oil price," Alamri told the FT in Switzerland. "Everybody needs it and Iraq supports this deal."
Supporters of the deal hope that by freezing production, countries will stop the oil price from reaching new historic lows. Prices have fallen more than 60 per cent from $115 in June, 2014, to around $42 a barrel at current prices.
Persistently low oil prices have wreaked havoc on economies reliant on oil.
In February, Saudi Arabia reached an agreement with Russia to freeze production but insisted that no freeze would be put in place unless other producers in the Organization of Petroleum Exporting Countries agreed to co-operate.
Iran has so far rejected a freeze. It wants to increase production up to levels traded before it was hit with sanctions.
Mr Alamri said Iran has the “right” to increase production to pre-sanctions levels.
There have since been suggestions that Saudi Arabia may agree to a freeze without the agreement of Iran.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
57Comments