Economics
Saudi Arabia’s Sway in OPEC Limited by Resurgent Iraq and Iran
- Pair wields clout, producing almost a quarter of OPEC supply
- Ambitions of both have been main obstacle to trimming output
OPEC Seeks Deal on Oil Production Curbs
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Saudi Arabia’s dominance of OPEC isn’t what it once was.
Iraq and Iran, shaking off shackles of sanctions and war, have raised oil output to record highs and are asserting themselves within the Organization of Petroleum Exporting Countries. Together they produce more than 8 million barrels of oil a day, almost a quarter of the oil pumped by the group, and both want to boost their output further.