Iraq has begun implementing measures to reduce national oil output in keeping with an OPEC decision, the oil minister said on Thursday. “Iraq affirms its commitment to the OPEC decision which was taken in the last meeting in Vienna by putting in place a studied plan to reduce production from the country’s fields from the start of the new year,” Jabar Ali al-Luaibi said in a statement. OPEC agreed in November to cut output by 1.2 million barrels per day from January 2017 to support prices. Iraq, OPEC’s second-largest producer, agreed to reduce output by 200,000 bpd to 4.351 million bpd. Reliant on oil sales for most of its income, Iraq had resisted production cuts, saying it needed revenue to fund a war against Islamic […]