Iraq Can’t Afford OPEC-Mandated Oil Production Cut, Senior Leader Says

According to the leading candidate for Iraqi prime minister, Iraq cannot reduce oil production as part of OPEC+ production cuts.

The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and its allies, led by Russia, agreed to cut production by 2 million barrels per day (bpd) last week. Critics, including the United States, say the cuts are intended to push up already high global energy prices and help Russia pay for the war in Ukraine. Riyadh and Moscow, the largest OPEC+ producers, have drawn closer together in recent years as they benefit from the alliance.

https://www.wsj.com/articles/iraq-cant-afford-opec-mandated-oil-production-cut-senior-leader-says-11665427347 Iraq Can’t Afford OPEC-Mandated Oil Production Cut, Senior Leader Says

Edmund DeMarche

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