Iraq Can’t Afford OPEC Oil Output Cut, Senior Leader Says

Iraq can’t afford to reduce its oil production as part of a move by OPEC+ to slash output, according to the top candidate for the Iraqi prime minister’s post, who said the country needs the money to bolster its floundering economy.

The Saudi-led Organization of the Petroleum Exporting Countries and its Russia-led allies agreed to cut output by 2 million barrels of oil a day last week. Critics, including the U.S., said the cut was meant to push up already-high global energy prices and help Russia pay for its war in Ukraine. Riyadh and Moscow, OPEC+’s biggest producers, have grown closer in recent years as they benefit from the alliance.

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