Economics
Oil Tumbles Most in Five Weeks Amid Iraqi Compliance Concerns
- Iraq says oil exports from southern ports hit record in Dec.
- Kuwait says Saudis among states leading production curbs
Crude Oil Retreats for First Time in Four Sessions
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Oil dropped the most in more than five weeks in New York amid concern about Iraqi compliance with OPEC production cuts.
West Texas Intermediate futures fell 3.8 percent. Iraq’s oil exports from its southern ports in the Gulf reached a record high in December, Oil Minister Jabbar Al-Luaibi said in an e-mailed statement. Gulf oil producers Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait are implementing the promised cuts, Nawal Al-Fezaia, Kuwait’s OPEC governor, said in an interview Monday in Kuwait City.