Iraq Now Second-Largest Oil Producer in OPEC

Nation has overtaken Iran

Iraq has finally overtaken Iran as the second largest oil producer in OPEC according to the International Energy Agency. Baghdad chalked up 3mb/d production compared to 2.9mb/d from Tehran. For some, that's cause for celebration – 'proving' that international sanctions against Iran are 'working' – but it merely highlights the profound supply side problems afflicting the oil world. Bad news all round.