Iraq faces tough cuts after OPEC deal
For the first time in decades, Baghdad is confronting the fiscally and politically fraught challenge of deciding how to cut oil production, following Wednesday's OPEC agreement.
Iraq's delegation to the Nov. 30 OPEC meeting, led by Oil Minister Jabbar Ali al-Luiebi (center) and SOMO Director General Falah Alamri (third from left). (Source: OPEC Media Office)
VIENNA - Iraq is now facing the uncomfortable and unfamiliar challenge of cutting production, following OPEC's blockbuster agreement, finalized Wednesday, to reduce output.
The deal requires Iraq to cap production at 4.351 million barrels per day (bpd), which would require cutting more than 200,000 bpd from its October output levels.
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