Iraq oil minister says will not seek exemption from OPEC+ deal – state paper

© Reuters. South Oil Company chief Ihsan Abdul Jabbar speaks during an interview with Reuters in Basra

BAGHDAD (Reuters) – Iraq will not ask OPEC for exemption from a pact aimed at reducing output, and oil prices are expected to reach about $50 at the beginning of 2021, the al-Sabah state cited the oil minister as saying in a report on Sunday.

The minister, Ihsan Abdul Jabbar, said the commitment of members to the deal would help boost oil prices and Iraq was not seeking exemption “fearing from new retreat in oil prices”, the newspaper reported.

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