Oil rallied from a two-week low after Iraq said it’s ready to reduce production and OPEC ministers are unanimously in favor of a supply cut as ministers meet for a summit in Vienna. Futures jumped as much as 5.8 percent in New York. Iraq has agreed to lower production and members are unanimously in favor of a six-month output cut, Iraqi Oil Minister Jabbar al-Luaibi said after a breakfast meeting with other ministers. Iran won’t freeze its own production but there is another arrangement that would help OPEC reach an agreement, Iranian Oil Minister Bijan Namdar Zangeneh said. Ministers from the Organization of Petroleum Exporting Countries are meeting in the Austrian capital Wednesday to weigh a deal first floated in September to collectively reduce output. Following days of discord, OPEC ministers on Wednesday showed optimism for a deal as UAE Energy Minister Suhail Al Mazrouei said he expects “some […]