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 Iraq expects fluctuations in world oil prices

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Join date : 2015-02-19

PostSubject: Iraq expects fluctuations in world oil prices   Fri Jul 06, 2018 12:09 am

Iraq expects fluctuations in world oil prices

2018/7/5 22:51

{Iraq: the Euphrates News} Iraq, the second largest oil exporter in OPEC, expected fluctuations in world oil prices.

Oil Minister Jabbar al-Allaibi said in a press statement that "global oil prices are subject to political and economic factors and the stability of the market." He pointed out that "Iraq is watching the existing changes, expected fluctuations in market prices, but will not make a big difference in prices.

"This week, there was a turbulence in the oil markets. Brent crude fell 2.4 after it rose last week, Brent fell $ 1.93 in the settlement to $ 77.30 a barrel, and the WTI fell 21 cents in the settlement to $ 73.94 Barrel ".

US President Donald Trump published a sharp tweet on Twitter demanding the Organization of the Petroleum Exporting Countries (OPEC) cut crude prices, which has led to a drop in oil prices affected by the change.

"Opec should remember that gasoline prices are high and they are doing little to help," Trump said on his own Twitter account.

"They are pushing prices up while the United States is defending a lot of its members for very few dollars, this has to be a two-way street, they have cut prices now!"

OPEC began with some of the producers outside the organization led by Russia to restrict production in 2017 to boost prices.

Recent price hikes have been prompted by the United States' announcement to reinstate sanctions against Iran in November, targeting oil exports.

In June, OPEC and Russia announced they were ready to increase production to defuse supply shortages due to the sudden disruption of supply from Venezuela and Libya, and also likely to offset the possible decline in Iranian supplies due to US sanctions.

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