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Iraq would have to compensate international oil companies for limits placed on their production, according to industry sources and documents seen by Reuters, further reducing the prospect it will join any OPEC deal to curb the group’s output.
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The compensation — stipulated in contracts — would compound the financial hit of losing much-needed revenue from crude sales, if the cash-strapped country were to yield to OPEC entreaties to curtail national production.
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Chinese investors, whose rush into copper hauled it to 16-month highs recently, say infrastructure spending and government reforms will keep the metal well supported this year and into 2017.
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