Iraq’s oil minister said on Monday that most oil majors working on its territory were participating in oil output reductions agreed as part of the deal between OPEC and non-OPEC producers to help to balance the market. OPEC and several independent producers agreed last year to cut supply, the first such deal in 15 years, as of Jan. 1, 2017 to remove a glut. The effort has helped oil prices LCOc1 to rise to $55 a barrel, from a 12-year low near $27 a year ago. Iraqi oil minister Jabar al-Luaibi said that to deliver Iraq’s share of the reduction, the country had cut output from its “national fields” and those of international oil companies (IOCs) working in Iraq were also participating. “We are in collaboration with IOCs to cut […]