Iraqi Oil Minister Jabar Ali Al-Luaibi speaks at a press conference in Baghdad, Iraq, Sunday, Sept 23, 2017. (AP Photo/Karim Kadim)
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Iraq is committed to respecting its reduced oil production quota as agreed with the Organization of the Petroleum Exporting Countries and other exporters, oil Minister Jabar al-Luaibi told a news conference Sunday in Baghdad.OPEC ministers who met in Vienna Friday said they may wait until January before deciding on extending output curbs meant to support prices beyond the first quarter of 2018 .OPEC members and other producers including Russia have cut production by about 1.8 million barrels per day since the start of 2017, helping lift oil prices by 15 percent in the past three months.The next key event will be a Nov. 30 meeting of OPEC ministers.Oil inventories in developed economies have dropped by 170 million barrels since January and backwardation in prices demonstrates stockpiles are shrinking and demand is rising, Kuwait's Almarzooq said before the meeting on Friday.
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