With an economy so reliant on oil, Iraq has long faced a tough balancing act between the short-term gains that can come from ramping up production and the long-term problems that can arise from overproduction.
Last week, the Iraqi oil ministry announced that it was rectifying a swing too far in one direction when it announced that it would be curbing oil exports to 3.3 million barrels per day (bpd) after having exceeded since January a quota imposed by the OPEC+ oil cartel.
Production for March will be 130,000 bpd lower than in February, which will keep Iraq’s partners in the…
Iraq’s overreliance on oil threatens economic, political strife | Oil and Gas News
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