mo4ch:>OPEC’s worst nightmare? Iraq could be next to abandon oil cartel | Mo4ch News
If any country is to follow in Qatar’s footsteps and break ranks with the Organization of the Petroleum Exporting Countries (OPEC), it will be Iraq, says Michael Cohen, head of energy markets research at Barclays bank.“I think in terms of all the OPEC countries, to me the one that stands out over the last six to eight months is Iraq,” Cohen told CNBC, adding “Iraq has been out of line with its target frequently… so if restrictions to cut were too stringent, Iraq might feel it in its best interest to no longer be a member of the organization.”Read more Iraq is 15-member OPEC’s second-largest oil producer after Saudi Arabia. More than 90 percent of the country’s revenue comes from oil, according to the International Energy Agency.Iraq was pumping a record 4.76 million barrels per day (bpd) in October, according to its former oil minister. Its increased production, as well as multi-year output highs from Libya, contributed to 2018 peaks in global production this fall.READ MORE: Crude mood…