Iraq threatens OPEC +’s new deal due to inability to cut oil production, Bloomberg reports.
The country agreed to reduce energy production in May by 25%, but in fact it reduced production by only 10%, which is the worst indicator among the parties to the agreement.
According to the publication, this situation has developed due to problems within the country. Iraq’s poverty level is rising, and a new reduction in oil production could lead to a financial collapse. Energy accounts for more than 90% of government revenue.
According to the publication, the Iraqi economy this year will decline by 10%, and per capita GDP will fall to $ 4,282, which is the lowest level since 2006.