Shafaq News/ The Iraqi Minister of Oil, Ihsan Abdul-Jabbar expects OPEC to agree on extending its current production policies over the short term, he told the state news agency on Wednesday.

Iraq's stance will be aligned with the outcome of the next meeting of the Organization of the Petroleum Exporting Countries (OPEC), the minister said.

OPEC+ ministers, including those from the group's biggest producers Russia and Saudi Arabia, have said there was no need for a knee-jerk reaction to amend policy.

OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid big gyrations in crude prices and uncertainty about the impact of the Omicron coronavirus variant on energy demand.

Oil prices fell to near $70 a barrel on Tuesday, after hitting a three-year high above $86 in October, posting their biggest monthly decline in November since the start of the pandemic, as the new variant raised fears of a glut.