OPEC+ Finalizes Deal on Compensation for Iraq Cuts Cheating
- Baghdad to make up for excess May output from July-September
- All members reaffirm pledge to implement 100% of their cuts
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OPEC’s habitual quota cheat, Iraq, said it will implement its oil-production cuts in full this month and agreed on the details of how to compensate for falling short of its target in May.
The accord, reached in principle earlier in June, was finalized at a ministerial video conference on Thursday, according to delegates. It gives added credibility to the OPEC+ supply deal and could bring even more oil off the market just as the demand recovery from the coronavirus pandemic begins to accelerate.