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Iraq paves way for OPEC deal with support for 9-month extension to cuts

One of the last remaining obstacles to forming a deal at the OPEC meeting in Vienna this week has been removed. Now Iraq will back a Russian and Saudi Arabian proposal to extend oil output cuts for 9 months.

Photo: Nabil al-Jurani/AP/Polfoto/Arkiv

Iraq backed a proposal from Saudi Arabia and Russia to extend output cuts for nine months, removing one of the last remaining obstacles to an agreement at the OPEC meeting in Vienna this week.

OPEC's second-largest producer, which only reluctantly agreed last year to cut output, had previously favored prolonging the historic deal by just six months. Saudi Minister of Energy and Industry Khalid Al-Falih secured the backing after talks in Baghdad with his Iraqi counterpart Jabbar Al-Luaibi. Non-OPEC nations Oman and Mexico also confirmed their support for a nine-month extension.

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