Thursday, March 28, 2024

Baghdad

Oil prices fall below $40 as Iran refuses to freeze production rates

 Oil prices fall below $40 as Iran refuses to freeze production rates

Archival photo

Archival photo
Archival photo

(IraqiNews.com) Baghdad – Brent crude oil prices fell by $2.7 to record $39.32 after Iran put off plans to join countries proposing a freeze on production.

US crude also declined by 3.43% to record $37.18 a barrel, after hitting the highest price of $39.02 on friday.

OPEC said in a press statement received by IraqiNews.com, “Global demand for crude from the OPEC members, including Saudi Arabia, Iraq and Iran, will be less than previously thought in 2016 due to competing non OPEC supply.”

Tha statement added, “OPEC supply will likely exceed demand by about 760.000 barrels per day, up from 720.000 barrels per day earlier.”

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