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.

Source: www.reuters.com