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On December 3, the 12th "OPEC+" Joint Ministerial Supervisory Committee finally reached an agreement to "slowly relax oil production restrictions from 2021", between the current stage of 7.
It is reported that Iraq and Nigeria are the oil-producing countries with the lowest implementation rate of production cuts.
The two countries have always emphasized that they have not been treated fairly and fairly since the “OPEC+” implementation of production cuts in 2016.
As the economy continues to struggle in a low oil price environment, this issue is constantly being raised.
Iraqi Finance Minister Ali Allawi publicly stated: "Our tolerance for the'one size fits all' production reduction arrangement has reached the limit.
" Iraq hopes to take factors such as per capita income and sovereign wealth funds into consideration to determine the ratio of production reductions in different member states.
Nigerian President Buhari also urged OPEC to arrange production cut quotas based on economic conditions.
As early as September, a debate broke out in Iraq on whether it was exempt from the obligation to reduce production.
It is understood that 97% of Iraq’s national budget comes from oil revenue.
Low oil prices have severely compressed its fiscal revenue.
Coupled with the pressure of production cuts, the scale of its foreign debt has reached 133 billion U.
S.
dollars.
Industry analysts pointed out that for "OPEC+", whether to reduce production by 7.
7 million barrels per day, 7.
2 million barrels per day, or 5.
8 million barrels per day next year, it will be a severe test.
Transfer from: International Energy Reference
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