Crude Oil Production Cuts: murmurs of discontent
At present, OPEC+, the Organization of Petroleum Exporting Countries plus Russia, resembles an unstable nucleus of a radioactive atom; judging by what we hear on political front, there seems to be uneasy compliance with self-imposed quota-limits with murmurs of cacophonies. Although crude price dipped slightly over the past two days, it is still high and countries that desperately need petro cash to prop up under-performing economies are deprived of a once-in-a decade opportunity to cash in on the fortune. These nations, exactly like sub-atomic particles in an unstable nucleus, do make subtle manoeuvres in seeking unknown freedom, while securing their positions within where they belong to – the crude oil cartel, in this case. The current predicament of Iraq is a case in point. Bloomberg reported this week that export of crude oil by Iraq in the first half of February was higher than what was permitted by the loose-agreement by the OPEC+. If officially confirmed, not only