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Iraq willing to cut oil output in OPEC's plan to boost prices — PM

By Reuters - Nov 23,2016 - Last updated at Nov 23,2016

BAGHDAD — Iraq is willing to cut its crude oil output as part of OPEC's plan to reduce global supply and boost crude prices, Prime Minister Haider Al Abadi told reporters on Wednesday in Baghdad.

"What we lose in lowering production, we will gain in oil revenues," he said. "Iraq will shoulder part of the production reduction."

Abadi's comments are the clearest indication so far that Baghdad will support an OPEC plan to cut production when it meets on November 30 in Vienna.

Earlier statements from Iraqi ministers said, on the contrary, that OPEC should exempt Iraq from output cuts, as the nation needs its oil income to fight the Daesh terror group.

OPEC agreed in September to reduce production, its first output cut since 2008, but the delicate matter of how much oil each of the 14 OPEC members should produce was not settled.

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