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Economic impact on Iraq by the end of 2024 following its decision on oil cuts
4
Resolution / Starting Odds
Positive Impact • 33%
Negative Impact • 33%
No Significant Change • 33%
Economic reports and analysis from credible financial institutions
Story
Iraq Refuses OPEC+ Oil Cut Extension in Vienna, May Soften Stance
May 11, 2024, 07:50 PM
Iraq has declared its intention not to support the renewal of oil output cuts in the upcoming OPEC+ meeting in Vienna. This decision was confirmed by the Iraqi oil minister, who stated that Iraq has already made sufficient voluntary cuts and will not agree to any future reductions. The stance raises questions about the potential impact on global oil supply and prices, especially as 90% of Bloomberg survey respondents had anticipated continued OPEC+ cuts. Deputy Iraqi Oil Minister Basim Mohammed Khudair later suggested that Iraq might still be open to discussions, indicating a possible softening of their initial position.
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No significant impact • 33%
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Moderate increase • 33%
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Increase by less than 5% • 33%
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Significant increase in costs • 33%
Moderate increase in costs • 33%
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Positive economic impact • 33%
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Positive Impact • 33%
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No Significant Impact • 34%