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Bloomberg: Iraq violated its oil export quota and did not adhere to OPEC+ decisions
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Economy News - follow up
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Added 04/30/2024 - 8:33 PM
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Economy News - follow up
The Bloomberg agency concerned with economic affairs said, on Tuesday, that Iraq violated the quota allocated to it to export oil, adding that Baghdad “did not adhere to” the OPEC Plus decision regarding “2024 cuts.”
The American agency added, in a report followed by Al-Iqtisad News, that “Iraq and Kazakhstan agreed to submit plans explaining how to compensate them for pumping hundreds of thousands of barrels per day above the targets agreed upon at the beginning of the year.”
She continued, "Iraq and Kazakhstan have an incomplete record of adhering to OPEC+ quotas, as the former seeks revenues to rebuild its destroyed economy while the latter deploys new production capacity."
Earlier, the OPEC+ coalition, led by Saudi Arabia and Russia, announced new production cuts at the beginning of 2024 in an attempt to ward off the global oil surplus and support prices, and their intervention has paid off, supporting Brent crude futures near $90 per barrel despite... Concerns about economic growth among major consumers, according to Bloomberg.
Views 121
Added 04/30/2024 - 8:33 PM
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