November 23, 2016 / 3:41 PM / 3 years ago

Iraq willing to cut oil output in OPEC's plan to boost prices - minister

Prime Minister Haider Al-Abadi of Iraq addresses the United Nations General Assembly in the Manhattan borough of New York, U.S., September 22, 2016. REUTERS/Carlo Allegri

BAGHDAD (Reuters) - Iraq is willing to cut its crude oil output as part of OPEC’s plan to reduce global supply and boost crude prices, Prime Minister Haider al-Abadi told reporters on Wednesday in Baghdad.

“What we lose in lowering production we will gain in oil revenues,” he said. “Our priority is to raise the price of a barrel of crude”.

Abadi’s comments are the clearest indication so far that Baghdad will support an OPEC plan to cut production by 4-4.5 percent when it meets on Nov. 30 in Vienna.

Reporting by Saif Hameed; Writing by Maher Chmaytelli; Editing by Greg Mahlich

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