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Power balance

opec iraq

Painful adjustments never come easily: How Iraq is upsetting the OPEC power balance

Iraq is set to overtake Iran as OPEC's second biggest producer. Already, Iraqi oil is helping to fill the supply gap created by tightening Western sanctions on Iran. The cartel's hawks are unhappy about those extra barrels; prices have fallen one fifth from their March peak.

June 11, 2012 5:45