Iraqi State Oil Selling Company Backs Anticipated Doha Oil Output Freeze

oil production at January levels if other countries followed suit, in a bid to keep the oil prices from falling further.

"They should do this deal as this is the only way to support the oil price… Everybody needs it and Iraq supports this deal," Director General Falah Alamri said as quoted by The Financial Times ahead of the FT Commodities Global Summit panel in Lausanne, Switzerland.

The Organization of the Petroleum Exporting Countries (OPEC) members and non-OPEC oil producers are expected to discuss freezing oil output to curb oversupplies on Sunday, April 17 in the Qatari capital of Doha.

Oil prices saw major declines from $115 per barrel in mid-2014 to slightly over $40 per barrel as of mid-Tuesday.