Iraqi Oil Minister Thamir Ghadhban came under intense pressure from Saudi Arabia and the other leading lights of the Opec+ production agreement in Abu Dhabi last month. Mr Ghadhban pledged to cut output, but Saudi Energy Minister Prince Abdulaziz bin Salman says he adheres to a doctrine of “trust, but verify” and plans to visit Iraq in the near future to “thank” its leaders for cutting (MEES, 13 September).
Little wonder that Iraq has come under intense pressure. Production averaged a record 4.75mn b/d in August (MEES, 6 September), although it has now begun to fall back. And the latest government figures highlight just how much of this has been hitting international markets. (CONTINUED - 882 WORDS)