Parliamentary Finance: Oil will not rise after the OPEC agreement, and Iraq must search for urgent alternatives
09:59 - 04/25/2020
[You must be registered and logged in to see this link.]
Member of Parliamentary Finance Committee Ahmad Hama confirmed on Saturday that there are no indications of high oil prices immediately after the implementation of the OPEC agreement to reduce production by about 10 million barrels, indicating that the end of the Corona crisis is the only way to raise oil prices again.
Hama said in a statement to "Information", that "the global agreement to reduce oil production between OPEC and Russia to about 10 million barrels will not significantly affect global oil prices."
He added that "global demand decreased by about 75% of the total normal consumption due to the stopping of vehicles in tens of countries after the imposition of the curfew, as well as the stops of factories and companies of all transport sectors in the world."
He explained that "the only solution to the end of the oil price crisis and the return of markets to their previous era after the end of the Corona crisis with dependence on reducing production", noting that " [You must be registered and logged in to see this link.] Need an urgent economic recovery plan to save the country from a severe economic crisis and the consequences. ”Ended / 25D