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Tuesday, 23 May 2017

OPEC's Worst Cheater Will Get Harder to Ignore as Curbs Falter - Bloomberg

OPEC's Worst Cheater Will Get Harder to Ignore as Curbs Falter - Bloomberg:

"OPEC’s second-biggest producer is also its biggest cheater. And if past is prologue, that lengthens the odds the group will be able to squeeze too many more price gains out of its output cuts. Iraq pumped about 80,000 more barrels of oil a day than permitted by Organization of Petroleum Exporting Countries curbs during the first quarter. If that deal gets extended to 2018, the nation will have even less incentive to comply because capacity at key southern fields is expanding and three years of fighting Islamic State has left it drowning in debt."



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