Iran And Iraq To Ramp Up Oil Production Despite OPEC Cuts

By Rakesh Upadhyay Though OPEC has managed to achieve a high standard of compliance, it has mostly been due to the oversized cut by the largest member of the group—Saudi Arabia. Meanwhile, the actions and statements of the second and third largest producers in OPEC are throwing worrying signs at the oil bulls. Saudi Arabia is in a catch 22 situation. As the defacto leader of OPEC, it is left to implement most of the production cuts to ensure a high level of overall group compliance. Saudis know that OPEC might not get another chance if it doesn’t adhere…

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