Iraqi oil minister Jabar al-Luaibi crossed the newswires in the last hour explaining that they would decide whether or not they would increase their output if OPEC decides to ramp up production at the June 22 meeting.
al-Luaibi further added that their current output at around 4.325 million barrels per day was within the OPEC limit and he was expecting a tough meeting in June.
As of writing, the price of the barrel of West Texas Intermediate was $66.05, up 30 cents on the day.
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