Iraq backs OPEC’s existing plan for gradual output rise, ministry says

Iraq backs continuing OPEC’s existing plan to raise the group’s output by 400,000 barrels per day (bpd) each month since August, the oil ministry said on Thursday, saying the outlook for the oil market was unclear due to turbulence in global markets.

The Organization of Petroleum Exporting Countries was cautious about increasing or decreasing oil supply because oil markets remained fragile, the ministry said in a statement carried by the state news agency.

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