Investing.com - Iraq Tuesday insisted on an exemption from planned OPEC output cuts as it fights Islamic State.
"We think we should increase output. Iraq is in a special situation," Foreign Minister Ibrahim al-Jafari said in Budapest.
OPEC members are negotiating a planned cut in output to 32.5-33 mn b/d after a record 33.64 mn in October.
The cartel is aiming to formalize the cut at a formal meeting in Vienna on November 30.
Other members are also seeking an exception from cuts; Iran and Russia have hinted they may freeze output.
U.S. crude was up 1.41% at $48.92 at 06:00 ET as hopes for an accord strengthened.