Iraq Says It Will Participate in OPEC Deal to Cut Output
- Country urges OPEC to reduce output by 900,000 barrels a day
- Nation had previously insisted it should be exempt from cuts
Citigroup's Morse Sees OPEC Reaching an Output Deal
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Iraq will shoulder part of the burden of oil-output cuts, said Prime Minister Haider Al-Abadi, reversing the nation’s previous insistence for an exemption and potentially removing an obstacle to an OPEC deal next week.
“Iraq will cut its output to preserve prices,” Al-Abadi told reporters in Baghdad on Wednesday. The country wants OPEC to reduce production by a total of 900,000 barrels a day when it meets next week in Vienna because low prices are hurting global investment in the industry, he said.