This has to trouble OPEC, and mostly Saudi Arabia, who has been trying to micromanage global oil prices over the past few weeks with announcements to agree to agree to production cuts at OPEC’s next meeting in November.
There is even talk that Iran, who is still trying to reach pre-sanctions production levels, would actually not have to cut production as part of the deal, as well as a potential waiver for both Nigeria and Libya. Russia is also reportedly going to meet with OPEC members in a meeting in Istanbul this week over possible production cuts.
However, Iraq could increase its oil production despite OPEC’s recent announcement. Iraq’s oil minister, Jabar Ali al-Luaibi, has urged oil and natural gas producers operating in the country to continue increasing output for the rest of the year and in 2017, Iraq’s oil ministry disclosed on Sunday.Click here to read more.
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