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Iraq’s move to increase exports helps drive down oil prices

Iraq, OPEC’s second-largest oil producer, plans to boost exports 5%, or 150,000 barrels a day, in the next few days following a deal to restart shipments from three fields in Kirkuk. Exports were suspended in March due to a payment dispute with Kurdistan, which controls the relevant pipeline.

Iraq’s agreement to increase crude oil exports helped drive down the price of oil, which had rallied in recent sessions. Speculation that OPEC might try to stabilize the market had driven up prices, but some oil-producing countries will likely be reluctant to limit output.

Bloomberg (22 Aug.)