Since the landmark deal that saw OPEC+ agree to cut nearly 10 million barrels per day of oil production to clear the global gut created by the coronavirus pandemic and wreckless production on behalf of Saudi Arabia and a handful of eager producers, one thing has threatened the cartel’s success: the OPEC laggards. And Iraq is still dragging down the rest of the group’s compliance rate, according to official Iraq production figures for July. Iraq has been promising to stick to the production cut deal since the beginning of July, but the market mostly dismissed Iraq’s optimism. Saudi Arabia did manage to get Nigeria and Iraq to agree to make up for any overproduction in May and June—and now July—by continuing to underproduce their quota in August and even beyond. And oil prices are ever watchful of OPEC+’s production cut performance. But according to SOMO, Iraq—who had said it […]