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Iraq Joins U.A.E., Qatar in Call to Keep Oil Cuts

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Iraq joined the United Arab Emirates, Qatar and Oman in calling for OPEC and allied producers to stick with their agreement to cut oil output until the end of the year, despite recent price gains.

Output cuts by the Organization of Petroleum Exporting Countries and fellow producers have contributed to stability in the oil market, and Iraq supports OPEC’s decision to keep the caps in place, Oil Minister Jabbar al-Luaibi said at a conference in Abu Dhabi. OPEC’s agreement with other suppliers in November to rein in output until the end of 2018 helped lift Brent crude briefly above $70 a barrel last week.