Iraq Commits to Deep Oil Cuts as OPEC+ Ramps Up Pressure
- Baghdad promises extra 400,000-barrel cut this month and next
- OPEC’s patience with Iraq’s quota-busting is wearing thin
An Iraqi oil worker works at Al-Doura oil refinery in Baghdad, Iraq.
Photographer: Oleg Nikishin/Getty Images
This article is for subscribers only.
Iraq made its strongest commitment yet to implement deep cuts in crude production after the country’s oil minister and his Saudi counterpart held a phone call Thursday.
OPEC’s second-biggest producer -- and a long-time laggard in meeting oil-output quotas -- has faced mounting pressure to boost its compliance as the group’s patience wears thin. The country failed to meet its production-cut target in May and June, and removed just 11,000 barrels a day last month, according to tanker-tracking data compiled by Bloomberg.