Oil declined as Iraq pumped crude at a record pace, with the second-biggest producer in the Organization of Petroleum Exporting Countries planning to boost exports this year.
Futures lost as much as 1 percent in New York and 0.9 percent in London. Average Iraqi output is at 4 million barrels a day, Oil Minister Adel Abdul Mahdi said at a news conference after meeting his Turkish counterpart, Taner Yildiz, in Baghdad. U.S. producers idled a record number of drill rigs during the past six weeks, according to data from Baker Hughes Inc.
Crude slumped almost 50 percent last year as the U.S. pumped oil at the fastest rate in more than three decades while OPEC resisted calls to cut supply. Producers outside the group will boost output this year at a slower rate than previously forecast, according to the International Energy Agency.
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