Oil prices under pressure as Iraq resists joining output cut | Reuters

Oil prices came under pressure on Monday as Iraq said it wanted to be exempt from an OPEC deal to cut production, though losses were capped by Iran saying it would encourage other members to join an output freeze.Brent crude futures LCOc1 were up 6 cents at $51.84 a barrel by 0413 EDT. U.S. West Texas Intermediate (WTI) crude CLc1 was down 5 cents at $50.80.Iraqi oil minister Jabar Ali al-Luaibi said Baghdad wants to be exempt from any production cut the Organization of the Petroleum Exporting Countries is aiming to achieve.Falah al-Amiri, head of Iraq state oil marketer SOMO, added that Iraq’s market share had been compromised by the wars it has fought since the 1980s.”We should be producing 9 million (barrels per day) if it wasn’t for the wars,” he said.

Source: Oil prices under pressure as Iraq resists joining output cut | Reuters

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