Among them is Iraq… Excessive oil production by some countries threatens a global surplus.
Among them is Iraq… Excessive oil production by some countries threatens a global surplus.
2025-08-30 04:05
Rosneft CEO Igor Sechin said on Saturday that the first half of the year saw a sharp decline in oil prices due to “overproduction,” blaming OPEC countries, including Saudi Arabia, the UAE, Iraq, and Kuwait, for the aggressive increase in supplies.
Reuters quoted Sechin as saying that the surplus in the global oil market could reach 2.6 million barrels per day in the fourth quarter of this year, before declining to 2.2 million barrels per day in 2026. He noted that these developments are putting pressure on crude prices and impacting the revenues of producing countries.
These statements are among the clearest Russian signals yet regarding concerns about the OPEC+ strategy to increase production, at a time when Iraq relies heavily on oil exports, which constitute more than 90% of its public revenues.
shafaq.com
