Iraq announces oil output cut from May

Iraq, one of the world's largest oil producers, on Sunday announced an output cut of 211,000 barrels per day from May 1 to "stabilise the market", the oil ministry said.

Baghdad's move came "in coordination with certain other producing countries" and will last until the end of the year, the ministry said, as Saudi Arabia, the United Arab Emirates and Kuwait, as well as Algeria, also announced output cuts.