Iraq: Iraq's Oil Contracts Make Joining OPEC Output Cut More Painful

Nov 18, 2016 | Ahmad Ghaddar and Ahmed Rasheed, Reuters
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Iraq would have to compensate international oil companies for limits placed on their production, according to industry sources and documents seen by Reuters, further reducing the prospect it will join any OPEC deal to curb the group's output. The compensation - stipulated in contracts - would compound the financial hit of losing much-needed revenue from crude sales, if the cash-strapped country were to yield to OPEC entreaties to curtail national production.