Iraq oil not part of OPEC cuts

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As OPEC decides to catch falling oil prices by cutting supply, Iraq Oil Minister Hussain al-Shahristani says anything below $80 per barrel will be a hit on next year’s budget, George Jahn reports for The Associated Press.

Iraq is not bound by OPEC quotas because of ongoing wars and sanctions that hampered development of the oil sector. Its top priority now, however, is stopping the month on month decline in production and exports, which began this fall after record post-2003 output. Reuters reports Iraq expects October data to show a turnaround that will continue through November.

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