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OPEC Resistance to Saudi Supply Plan Grows as Iraq Objects

  • Iraq joins Venezuela, Iran in opposing output-boost proposal
  • Minister slams lack of policy consultation within organization
OPEC Member Hopes for Alliance With Russia That Lasts `Forever'
Photographer: Akos Stiller/Bloomberg
Updated on

Iraq said OPEC should resist pressure to increase oil supplies, strengthening opposition to plans by Saudi Arabia as the group prepares to meet next week.

OPEC’s second-biggest producer said supply curbs by the cartel haven’t yet achieved their purpose, with oil prices still below the desired level. Its defiance follows similar resistance from Iran and Venezuela, meaning three of the five countries that founded OPEC now oppose the Saudi plan.