Iraq oil not part of OPEC cuts
Iraq not bound by quota; struggling to reverse decline Plus: *Walid Khadduri on the return of Big Oil to Iraq *Iraq presidency council gives oil smuggling law OK *SOFA Update: English text and analysis *Labor Minister target of suicide bomb *Iraqis suffer for lack of basic services *The Mahdi Army bides its time *Much more […]As OPEC decides to catch falling oil prices by cutting supply, Iraq Oil Minister Hussain al-Shahristani says anything below $80 per barrel will be a hit on next year’s budget, George Jahn reports for The Associated Press.
Iraq is not bound by OPEC quotas because of ongoing wars and sanctions that hampered development of the oil sector. Its top priority now, however, is stopping the month on month decline in production and exports, which began this fall after record post-2003 output. Reuters reports Iraq expects October data to show a turnaround that will continue through November.
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