The Changing Face of OPEC: Less Iran, More Iraq
Last week in Vienna, members of the
Organization of Petroleum Exporting Countries (OPEC) agreed to maintain
current oil production levels. This news reassured global markets, but
was a painful blow to Iran, which had lobbied hard for a decrease in
production in order to raise prices. It is the latest sign that Iran is
losing influence within OPEC — a trend that will likely benefit Iraq in
the long run, as LIGNET explains.
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