OPEC’s Rebel Makes Gesture of Atonement Ahead of New Oil Cuts
- Iraq under pressure from Riyadh to finally implement cutbacks
- Nation’s output fell 110,000 b/d this month: Petro-Logistics
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Saudi Arabia’s pressure on fellow OPEC nations to do a better job of cutting output appears to be paying off with the cartel’s main renegade, Iraq.
Baghdad reduced supplies this month to honor some of its outstanding commitments to the Organization of Petroleum Exporting Countries, according to Petro-Logistics SA and Genscape Inc., which track output. Baghdad pared production by 110,000 barrels a day in December, Petro-Logistics estimates.