[size=36]Oil Minister: Falling prices are caused by Corona and the Saudi-Russian dispute[/size]
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, member of OPEC and Iraqi Minister of Oil Thamer Al-Ghadban confirmed on Sunday that the reason for the decline in global oil prices is the dispute that occurred at the beginning of last March between Saudi Arabia and Russia and the presentation of large quantities of oil at unprecedented low prices as well as the Corona crisis.
Al-Ghadban said in a radio interview followed by Mawazine News, "The spread of the Corona virus is the cause of a global economic and health crisis. One of the methods of prevention is a curfew that leads to the suspension of most of the economic movement (citizens, aviation, general transportation), which caused a decrease in demand for Fuel and accordingly refineries activity decreased and thus sales of crude oil decreased. "
He pointed out that "the contraction of the Chinese economy (where the epidemic started) was the first importer of oil in the world, which had a role in declining oil demand."
A member of OPEC (the International Petroleum Organization, which includes 13 oil producing countries) stated that "the reason for the drop in the price of a barrel is also due to the so-called oil price war that occurred between Saudi Arabia and Russia, where unprecedented low prices were offered in addition to offering large quantities, which led to the provision of cheap oil For industrialized countries and international oil traders. "End / 29 BC