News Summary: Iraq could shift OPEC landscape

AP News
Posted: Jun 15, 2012 1:29 PM
News Summary: Iraq could shift OPEC landscape

IRAQ RISING: Iraq's expanding oil production could complicate OPEC's efforts to influence world prices as the country re-emerges as a major player after 20 years on the sidelines.

NEW BALANCE: Analysts say Iraq's new clout is shifting the power balance in the 12-member Organization of the Petroleum Exporting Countries and could force it to overhaul its intricate production quota system to accommodate Baghdad's greater output.

WHO'S IN CHARGE? For decades, OPEC has tried to control oil prices by limiting production. Additional production from Iraq, unless offset by reductions from other cartel members, could drive oil prices down.