Iraq has resumed discussions over participation in the reduction of oil production in the framework of OPEC+. Low oil prices are affecting the country's financial position, while the authorities are trying to rebuild Iraq after years of war and rampant corruption, Angi reports.
Baghdad has previously complained that while the country is trying to revive its oil industry, other OPEC members have benefited from the deal and increased their market share.
“Iraq has always believed that they were treated unfairly in December 2016 when they were not released from the deal. As the economy continues to be unstable due to low prices, this problem continues to arise,” an OPEC source told Reuters.
A senior Iraqi official noted that the Ministry of Petroleum and the Prime Minister's office are not unanimous on whether Iraq should implement production cuts as part of the OPEC+ deal or ask for an exemption for next year, 2021.
To recap, oil continues to trade below $40 per barrel.
Earlier it was reported that Iraq wants to reduce the dependence of the budget on oil.
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