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Iraq’s oil ministry spokesman, in a statement released late Wednesday, denied reports that It was seeking an exemption from the OPEC and its allies (OPEC+) output cut deal while adding that it remained fully committed to the agreement, per Reuters.

Key quotes

“The Ministry of Oil would like to categorically deny this baseless statement, and affirm that, to the contrary, Iraq remains fully committed to the April OPEC+ Declaration of Cooperation, and the compensation mechanism agreed to in June.”

“Will continue to perform at this elevated level, while compensating in August and September for the previous overproduction of 850,000 barrels per day.”

On Wednesday, a local media quoted Oil Minister HE Ihsan Abdul Jabbar Ismaael, saying that Iraq will seek an exemption from the OPEC+ output cut deal during the first quarter of 2021.

Market reaction

WTI is off the three-week lows of $41.23, consolidating Wednesday’s massive sell-off around $41.60 levels.

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