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OPEC’s second biggest producer, Iraq is pressurizing OPEC to strengthen its opposition to plans by Saudi Arabia. Its defiance follows similar resistance from Iran and Venezuela, which implies that three of the five countries that founded OPEC now oppose the Saudi plan. OPEC will meet with its partners on June 22-23 in Vienna. Nevertheless, it’s unclear whether Iraq, Iran, and Venezuela could do much to block the Saudi-Russian plans.
