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Iraq is causing upheaval in the global oil market once again, as OPEC prepares to increase output by 500,000 barrels per day to reduce crude prices. Iraq has hinted through traders, oil companies, and others that it may suspend exports of nearly five times as much oil in a few days due to an ongoing dispute with the United Nations over pricing Iraqi oil and trade in euros instead of dollars.
Thursday, 26 October, 2000