Iraq looks to boost oil output before OPEC talks in Algeria

BAGHDAD (Bloomberg) -- Iraq asked international oil companies to boost output just as other OPEC nations are heading for talks amid a global glut.

Newly installed Oil Minister Jabbar Al-Luaibi called on companies to increase oil and gas production to boost national revenue, according to an emailed statement from the Oil Ministry on Tuesday. Crude output in OPEC’s second-biggest producer peaked this year at 4.51 MMbpd in January and was down to 4.36 MMbpd in July, according to data compiled by Bloomberg.

Members of the Organization of Petroleum Exporting Countries are planning to hold talks in Algeria next month when they gather for a meeting of the International Energy Forum. Saudi Arabian Energy Minister Khalid Al-Falih has said only that “there is an opportunity” to discuss “possible action that may be required to stabilize the market,” according to the Saudi Press Agency. Russian Energy Minister Alexander Novak said he was open to discussing a freeze.

Iraq hasn’t said if Al-Luiabi will attend the meeting in Algiers.