Iraq has pledged to stop purchasing an estimated $4 billion worth of gas from Iran by 2028, signaling a major shift in its energy strategy. Despite being OPEC’s second-largest oil producer, decades of mismanagement and underinvestment have left Iraq’s power grid heavily reliant on imported energy.

OPEC has firmly rejected recent media reports suggesting a major oil production hike ahead of a high-profile G8 meeting. The clarification arrives amid market speculation surrounding Crude Oil WTI Futures, reminding observers that the group’s official stance remains unchanged.