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“Flooding oil markets is not in the best interest of producing countries and harms their economies,” Iraq’s Oil Minister said on Tuesday and added that they were in contact with other members of the OPEC+ to discuss ways to stop oil prices from collapsing further.

“Any oil price war to acquire bigger market share doesn’t serve producing countries,” the minister added.

WTI reaction

Crude oil hasn’t reacted to these remarks and the barrel of West Texas Intermediate was last seen trading at $34.12, adding 13% on a daily basis.

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