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Oil Slides To $47 Handle After Iraq Says “Not Fair” To Cut Oil Output

Tuesday, November 22, 2016 7:14
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(Before It's News)

After the last few days melt-up in WTI because “an OPEC deal is certain,” it seems Iraq is ready to spoil the party once again. Sending WTI (Jan17) tumbling from over $49 to a $47 handle, Reuters reports, Iraqi Foreign Minister Ibrahim al-Jafari told reporters, “it would not be fair for us to cut oil output.”

OPEC should allow Iraq to continue raising output with no restrictions, Foreign Minister Ibrahim al-Jafari told reporters in Budapest on Tuesday, commenting on a plan by the organization to limit supply in order to support prices.

“We think we should increase output. Iraq is in a special situation …we are at war,” he said, referring to the ongoing military campaign to defeat Islamic State.

And the reaction is a pullback in WTI’s panic bid…

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