Iraq will suffer more than most Middle East oil producers amid a Saudi-led price war that is flooding the market with cheap crude as OPEC’s second largest producer is already struggling with political unrest and a leadership vacuum that will leave it with few petrodollars to manage its energy-dependent economy. Saudi Arabia, OPEC’s largest producer, started an unprecedented battle to squeeze Russia by slashing its crude selling prices over the weekend, with the biggest cut ever for some grades. This week it also announced plans to supply the market with 12.3 million b/d in April and increase its production capacity by 1 million b/d to 13 million b/d. Iraq had […]