Iraq expects a new fall in oil prices due to a number of factors

Iraq expects a new fall in oil prices due to a number of factors


The U.S. withdrawal on the market of oil export, Iran, the economic slowdown in China, the global economic crisis, shale oil – the factors that can lead to a new decline in oil prices, said the representative of the Iraq Ministry of oil, ASEM Jihad.

BAGHDAD, 11 Jan. Iraq expects a new fall in oil prices, the reason for that a number of factors, including the withdrawal of the U.S. on the export market of oil and the return to Iran after removal of sanctions, said the Agency Sputnik representative of the Ministry of oil ASEM Jihad.

On Friday the price of Brent crude oil reached 33,55 USD per barrel — the lowest level at the close of trading since June 2004. On Monday as at 17.48 GMT the price of oil Brent has decreased on 2,53% — to 33,06 dollars per barrel.

The representative of the Iraqi Ministry noted that Iraq suffers from the fact that the level of oil production remains high. “The persistence of a number of States in keeping oil production at a high level is harmful to all member manufacturers. Need to reach agreement among the member producers, both in OPEC and outside of the organization,” he said.

“It is clear that the persistence of these States is the political will to hurt a number of countries,” says Jihad.

“Exit the U.S. market for oil exports, Iran, the economic slowdown in China, economic crisis (world – ed.), shale oil – are all factors that will lead to a new decline in oil prices, if no agreement is reached on reducing the production”, — said the representative of the Ministry of oil.