Oil prices down after Iraq’s decision not to join OPEC agreement to cut production
Representational file photo.
(IraqiNews.com) Baghdad – Oil prices fell in the early hours of Monday morning, after Iraq’s declaration that it wants to be excluded from any agreement reached by OPEC to cut production in order to strengthen the market, and after the increase in the number of drilling rigs in the United States, Reuters news agency reported on Monday.
The prices of Brent crude oil retreated by 17 cents after reaching $51.61 per barrel, while West Texas Intermediate crude oil retreated by 20 cents to reach $50.56 dollars per barrel.
OPEC announced last month cutting output to boost prices, while members to meet in Vienna on November 30 to discuss this agreement.
Iraqi Oil Minister Jabar Ali al-Luaibi, said on Sunday, that Iraq, second largest producer in OPEC, wanted to be exempted from output curbs as it needed more money to fight the Islamic State militants.
OPEC plans to decrease the production to 32.50-33 million barrels per day, and it will be difficult to achieve this rate if Iraq did not participate in this agreement.