Why Iraq Endorsement of Oil Freeze Deal May Matter Most: Chart

Will Other OPEC Nations Join Saudi-Russia Oil Deal?

Saudi Arabia and Russia’s agreement to freeze oil output is “almost meaningless” without the participation of Iraq and Iran, said Michael Hiley, head of OTC energy trading at New York-based LPS Partners. Iraq’s crude output has risen by 970,000 barrels a day since January 2015, compared with 480,000 for Saudi Arabia, OPEC’s largest producer, according to data compiled by Bloomberg. Iran also has the potential to boost production quickly after a ban on its exports was lifted last month.

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