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Iraq’s Oil Minister Thamer Ghadhban, in his first interview since taking over the oil portfolio last month, told Reuters that the shortfall in oil supply caused by new US sanctions on Iran had yet to be gauged ahead of an OPEC meeting next month.

Key quotes:

   “¢   Waiting to see the “actual decrease” in Iranian exports, and whether OPEC will compensate.  
   “¢   Price above $70 per barrel was “fair” and higher the price, the better it was for Iraq.