Iraq will increase its oil exports after Iran’s nuclear deal with the West

(IraqiNews.com) Baghdad – On Tuesday the Iraqi Oil Ministry stressed that it will increase Iraq’s oil exports to compensate for the expected decrease in prices after Iran’s nuclear agreement, indicating that the goal of the producing countries is to achieve the prices between 70 to 80 dollars per barrel.

Ministry spokesman Assem Jihad said in an interview for IraqiNew.com: “the Iranian nuclear agreement will enable Iran to pump large quantities of oil to compensate part of the losses incurred over the past years,” noting that, “increasing Iran’s oil exports will increase the supply, which will lead to the drop in oil prices.”

Jihad added that “”The ministry continues to get further increases  in oil exports after Iraq achieved the highest rate in the past month to minimize the damage to the federal budget because of the price drop expected in the coming period.”