Iraq insists it should be exempt from OPEC planned cut

Commodities Nov 22, 2016 06:12AM ET

Investing.com - Iraq Tuesday insisted on an exemption from planned OPEC output cuts as it fights Islamic State.

"We think we should increase output. Iraq is in a special situation," Foreign Minister Ibrahim al-Jafari said in Budapest.

OPEC members are negotiating a planned cut in output to 32.5-33 mn b/d after a record 33.64 mn in October.

The cartel is aiming to formalize the cut at a formal meeting in Vienna on November 30.

Other members are also seeking an exception from cuts; Iran and Russia have hinted they may freeze output.

U.S. was up 1.41% at $48.92 06:00 ET as hopes for an accord strengthened.

Iraq insists it should be exempt from OPEC planned cut

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