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Brent crude fell, trimming the biggest rally since October 2012 after the Iraqi government and Kurdish authorities reached a deal on oil exports. West Texas Intermediate slid in New York.

Futures dropped as much as 1.6 per cent in London, decreasing for the sixth time in seven days. The Kurdish Regional Government will accommodate 300,000 barrels a day of Kirkuk crude in its pipeline to Turkey, Safeen Dizayee, a spokesman for the Kurdish Regional Government, said by phone. Iraq is the second-biggest producer in the Organization of Petroleum Exporting Countries. OPEC may hold an emergency meeting in the first quarter of next year, Venezuela’s Foreign Minister Rafael Ramirez said in an interview with Panorama newspaper.

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Oil has collapsed into a bear market amid the highest U.S. output in more than three decades and signs of slowing global demand growth. OPEC, responsible for about 40 per cent of the world’s oil supply, resisted calls from members including Venezuela and Iran to reduce its quota of 30 million barrels a day at a Nov. 27 meeting in Vienna.