Iraq is in touch with other OPEC+ members to discuss ways to stop an oil price collapse, the oil ministry said on Tuesday, adding that flooding markets was not in the best interest of producing countries.
“The (oil) ministry is in contact with members inside and outside OPEC to discuss ways to prevent deterioration in oil prices,” Iraqi oil minister Thamir Ghadhban said in a statement.
A ministry spokesman said that flooding oil markets was not in the best interest of producing countries and that a price war to acquire larger market share does not serve producing countries.