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Oil prices decline after Iraq refuses joining output cut

Xinhua, October 25, 2016 Adjust font size:

Oil prices ended lower on Monday after Iraq said it wanted to be exempt from a joint production cut from OPEC (Organization of the Petroleum Exporting Countries).

OPEC agreed last month to cut oil production to 32.5 million barrels a day from current level of 33.24 million barrels a day to boost the market.

The group will agree concrete levels of output by each country at its next formal meeting in November.

Iraqi Oil Minister Jabar Ali al-Luaibi said on Sunday that the country, the second largest producer in OPEC, wanted to be exempt from output curbs as it needed more money to fight Islamic State militants.

Oil prices were under further pressure as a stronger U.S. dollar made the greenback-dominated oil less attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, was up 0.13 percent at 98.821 in late trading on Monday, the highest in almost nine months.

The West Texas Intermediate for December delivery lost 0.33 U.S. dollars to settle at 50.52 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 0.32 dollar to close at 51.46 dollars a barrel on the London ICE Futures Exchange. Endit