Iraq Could Seek An Exemption From OPEC+ Output Cuts

Iraq is debating whether to ask to be exempted from the oil production cuts OPEC+ agreed on this April. Initially set at 9.7 million bpd, the cuts have now been eased to 7.7 million bpd but as the second-largest producer in OPEC, Iraq is shouldering quite a large chunk of the total burden and is not happy about it. “Iraq always believed they were not properly treated in December 2016 when they were not exempted. As the economy continues to reel from low prices this issue keeps resurfacing,” a source from OPEC told Reuters. Just a week…