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Iraq is balking at OPEC’s oil output deal

Posted on 26 October 2016

Iraq’s insistence that it should be exempt from a proposed deal to limit oil output may sound audacious coming from OPEC’s second largest producer, but analysts say it’s entirely possible that top exporter Saudi Arabia will give Baghdad a pass.
Iraqi Oil Minister Jabar Ali al-Luaibi dropped the bombshell on Sunday, doubling down after Iraq had already kicked up a fuss over how OPEC plans to set quotas when it meets next month in Vienna. He argued that his country can’t cut production because it badly needs oil revenue to fight the Islamic State, which Iraqi forces are now fighting to dislodge from Mosul, Iraq’s second-largest city and ISIS’s last stronghold in Iraq…………………………………..Full Article: Source


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