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Eni (NYSE:E): Closing price $50.15
The Italian oil major Eni is leading a group that is in final discussions with Iraq, concerning a reduced output target for Zubair oilfield at 1 million barrels per day, down from 1.2 million, in order for the country to set a more realistic national production goal. At the same time, Royal Dutch Shell is nearing a final agreement with Iraq as well, to decrease the output target at the Majnoon oilfield to 1.2 million barrels per day from 1.8 million, according to Dhiya Jaffar, the chief of the government-run South Oil Co., said Reuters on Tuesday. Officials say that Baghdad worries that sticking to the current agreements would deplete more than 50 percent of its proven reserves over the life of the 20-year agreements.
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