IRAQ COMMITS TO DEEP OIL CUTS AS OPEC PLUS RAMPS UP PRESSURE
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07.08.2020
Bloomberg News (7 August 2020)
Khalid Al-Ansary and Javier Blas
Iraq made its strongest commitment yet to implement deep cuts in crude production after the country’s oil minister and his Saudi counterpart held a phone call Thursday.
OPEC’s second-biggest producer — and a long-time laggard in meeting oil-output quotas — has faced mounting pressure to boost its compliance as the group’s patience wears thin. The country failed to meet its production-cut target in May and June, and removed just 11,000 barrels a day last month, according to tanker-tracking data compiled by Bloomberg.
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