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Iraq's oil minister optimistic about reaching deal to reduce oil output


Iraq's oil minister is optimistic about reaching a new deal among producers to reduce oil output after phone calls with some of his OPEC+ counterparts, his ministry said in a statement on Sunday, Reuters reported.

Oil minister Thamir al-Ghadhban said any new deal needs support from key producers from outside the OPEC+ alliance such as the United States, Canada and Norway.

OPEC and Russia have postponed a meeting to discuss oil output cuts until April 9, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified.