OPEC’s second-biggest oil producer, Iraq, has reduced its term supplies for 2021 to several major Indian refiners by 10-20 percent, industry sources told Reuters, some of them noting that the Iraqi move was totally unexpected. Iraq has been the biggest laggard in the OPEC+ production deal, producing above its quota in the agreement and drawing criticism from OPEC’s de facto leader and largest producer, Saudi Arabia, last year. In what looks like a move to try to fall in line with its commitment, Iraq is now said to be reducing term…
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