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Iraq Oil Minister HE Ihsan Abdul Jabbar Ismaael said in a local media outlet that they will seek an exemption from the OPEC and its allies (OPEC) output cut deal during the first quarter of 2021.

Iraq will adhere to cuts over the next three months, he added.

This comes after Iraq’s oil exports, excluding those from the semi-autonomous Kurdish region, fell 6% in August from July, signaling tighter compliance with its OPEC+ quota.

WTI flirts with highs

WTI has shrugged-off the above comments, as it challenges daily highs at $43.20, up 0.94% so far.

The US oil staged a solid comeback from the overnight sell-off to near $42.70 region.

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