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Iran proposed a compromise Sunday to Iraq’s...

Iran proposed a compromise Sunday to Iraq’s demand that the two countries have identical oil production quotas. Iranian oil minister Gholamreza Aqazadeh said after talks with seven other key OPEC members, including Iraq, in Madrid that he proposed each be given the same ceiling on their oil exports. Aqazadeh’s proposal breaks new ground by suggesting parity for exports only and excluding production for domestic consumption, a common formula in world commodity pacts. Iraq’s refusal to abide by its lower official quota has been one of OPEC’s biggest problems, leading to overproduction and falling oil prices. The eight ministers are to meet again four days before OPEC’s year-end meeting Nov. 21 in Vienna.


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