Iraq does not see the need for more output cuts now, but if there is a need the country will support consensus within the Organization of the Petroleum Exporting Countries (OPEC), Iraq’s oil minister Jabar al-Luaibi said on Tuesday, Iraq’s oil supply cuts are around 260,000 barrels per day, exceeding its share of planned reduction, al-Luaibi told Reuters on the sidelines of an energy conference in the United Arab Emirates. He said also said prices in the range of $55 to $60 barrels a day are better for everyone. OPEC and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until March 2018 in a bid to reduce global oil inventories and support oil prices.