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Iraq Calls For Review Of OPEC Production Quotas


Iraq state news agency (INA) reports that Iraq's Prime Minister Mohammed Shia al-Sudani has called for a review of the oil production quotas assigned by OPEC.

  • Earlier today, OPEC revised down oil demand projection leading to concern that another production cut may be likley at the OPEC ministerial meeting next month.
  • OPEC: "Demand for OPEC crude in 2023 is revised down by 0.2 mb/d from the previous month’s assessment to stand at 29.3 mb/d, which is 0.7 mb/d higher than in 2022."
  • US House Rep Raja Krishnamoorthi (D-IL): "The U.S. needs to use all diplomatic tools at its disposal to get OPEC and Saudi Arabia to work with them to lower oil prices. Today's news will only lead to higher prices at the pump."

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