Iraq is committed to the global supply cuts taken by OPEC and its allies and any decision to raise or decrease production must be taken collectively by OPEC, an Iraq oil ministry spokesman told Reuters on Monday. “Iraq does not take a unilateral decision to compensate for a reduction in the oil market for any reason,” Asim Jihad told Reuters, when asked on whether Iraq is ready to raise its output to compensate for a potential shortage in Iranian oil supplies. The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest so far this year.
