OPEC+ Oil-Production Cheats Show Little Sign of Making Compensation Cuts
- Nations like Iraq are expected to atone for overproduction
- Previous pushes for compensation had limited success
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In its effort to shore up global oil markets, OPEC+ is pushing members to atone for cheating on their supply quotas. Yet there’s little indication that they’re repenting.
Iraq and Kazakhstan — members of the OPEC+ coalition that is paring crude output to defend prices — have pledged extra curbs to make up for failing to cut enough initially. The latest production estimates show they haven’t even started yet.