Iraq is causing oil prices to fall

Iraq is causing oil prices to fall



Excavators of the "Internet"
 
02/04/2018

Economy News Baghdad:

Oil prices fell 2.3% on Monday, boosted by a rise in Russian production and Iraq's comments on its desire to increase its crude oil output.

By 2130 GMT Baghdad, Brent crude fell $ 1.61 or 2.3 percent to $ 67.73 a barrel, its lowest level since March 21.

US crude fell $ 1.89, or 2.9 percent, to $ 63.05 a barrel, its lowest level since March 20.

The fall in oil prices comes to the announcement of Iraq's desire to increase oil production to 6.5 million barrels of oil in the coming years, in addition to the organization of mid-month round of oil licenses.

"There is speculation that the Saudis will lower prices for their customers in Asia," said Bob Jauger, director of futures contracts at Mizuho in New York. "That's really not what you do when you want to keep production cuts."

http://economy-news.net/content.php?id=11812

would not be shocked at all to see prices at the pump go up 50-75% by late summer in the US