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.