Talks to extend OPEC+ production cuts hit a snag late Thursday after Iraq said it will only be able to reach its output target at the end of July, defying an ultimatum from Saudi Arabia and Russia to stop cheating on the deal.
While Moscow and Riyadh have already agreed they should continue record supply cuts for an extra month instead of easing them in July as previously planned they will only do so if all other countries implement their pledged cuts in full.
Nigeria, Angola and Kazakhstan have given sufficient assurances that their compliance will improve, but Iraq has not, said people familiar with the matter.
Bloomberg reported that, in a letter to fellow members, the Oil Ministry in Baghdad asked for more time and consideration of issues, such as Kurdish autonomy, that make it difficult to cut, the people said.
(With input from agencies)