The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
On June 25, Iraq urged OPEC to allow increased oil production after its exports were severely reduced due to the closure of the Strait of Hormuz from the US-Iran war. On June 26, Iraq's Oil Ministry announced that OPEC had begun gradually restoring Iraq's pre-war production allocations. By June 29, revenue pressures from the economic crisis caused by the Iran war and new oil major investments were driving Iraq's aggressive push for a larger OPEC production quota.