Iraq has a well-earned reputation for flouting its Opec-plus output targets, and the country’s lack of compliance in May has again put it in the hot seat, with Russia and Saudi Arabia loath to extend their cuts at the group’s planned meeting on Saturday unless Baghdad tightens its act. But despite pledges from Iraq’s acting Oil Minister Ali Allawi that it will redouble its efforts, one official privately admits that making the unprecedented cuts needed to achieve 100% compliance will be problematic. Riyadh and Moscow are even pushing for noncompliant countries to compensate for their shortfall, and in Iraq’s case, this seems simply unfeasible.
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