Iraq seeks to shift impact of OPEC cuts onto oil companies

Iraq’s Oil Ministry is attempting to displace some of the financial burden associated with its OPEC-related production cuts onto international oil companies (IOCs).The ministry’s move to scale down its payment obligations, which was confirmed by multiple industry officials, is likely to meet resistance from IOCs and could send a chilling message to prospective energy sector investors at a time when Iraq needs billions of dollars’ worth of foreign financing for projects to boost domestic gas, electricity, and fuel supplies.

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