Iraq is cutting its oil exports as it seeks to achieve full compliance with its oil production quota under the OPEC+ agreement, Bloomberg has reported , citing unnamed sources from SOMO, Iraq’s state oil marketing company. According to the sources, SOMO had informed at least six oil buyers, all in Asia, that it will not be supplying previously agreed volumes for August. Some were told they would not get any oil but will receive what they had agreed to buy in September. Others were told they would receive partial quantities of the contractual amount in August. Iraq was among the producers hardest hit by the oil price crash in March, as it depends heavily on its oil revenues for its spending. At the time, Iraq’s oil minister called on OPEC’s head to convene an extraordinary OPEC meeting to discuss all possible ways to reverse the oil price slide. The […]