Oil Declines as Iraq Seeks Exemption From OPEC Production Curbs
- Output cuts shouldn’t be at Iraq’s expense: Minister Al-Luaibi
- U.S. rigs targeting crude increase for an eighth straight week
Russia, Iraq Put Downside Pressure on OPEC, Markets
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Oil fell as Iraq, OPEC’s second-biggest producer, threatened to derail the group’s plan to stabilize crude markets by saying it should be exempt from planned output cuts.
Futures dropped 0.7 percent in New York. Iraq should be excluded from production curbs because it’s embroiled in a war with Islamic militants, Oil Minister Jabbar Al-Luaibi said Sunday in Baghdad. Russia refused again on Sunday to commit to joining OPEC in trimming production. Rigs targeting crude in the U.S. rose for an eighth week, according to Baker Hughes Inc.