Iraq could be the next country to leave the oil cartel OPEC, this comes after Qatar announced their withdrawal from the group. Iraq which is the second largest oil producer of the group has struggled to meet its targets turning out 3.372 million bpd.
Iraq being unable to meet targets means if asked to cut production too stringently, it may decide its best interest lay out of the group. Many expected that OPEC will introduce new oil production cut which could put pressure on certain countries like Iraq.
While oil production from the US and Russia is set to soar In the midst of trade tensions between the US and China. US and Russia are expected to turnout 11.5 million bpd and 11 million bpd respectively.
While Saudi Arabia which is the biggest oil producer is expect to cut production which is currently at 11 million bpd. Saudi Arabia movement will essentially set prices for the OPEC group.