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Baghdad: Huda Al-Azzawi
Experts in the fields of economy and oil in Iraq considered that the current decline in oil prices is “temporary” and is not largely related to the new Corona strain, but rather to other reasons.
The economic expert, Dr. Ahmed Al-Saffar, said: “The drop in international oil prices by about $5 during the past 24 hours is not the main reason for the Corona pandemic, and the health situation may affect, but not to this degree of severity.
According to Al-Saffar’s belief, “the most important reason for this decline is that the major consuming countries have taken a policy to use the oil reserves that exist in America, Japan, China and some European countries that have declared the use of the oil reserves they have, and this has affected the level of oil supply and led to its decline.”
For his part, the oil expert, Hamza Al-Jawahiri, explained in his speech that “there is no price war and there is no conflict, but (OPEC Plus) reduced production more than a year ago in order to raise prices to a fair price for both the producing and consuming parties, and now that its price is close to $80, it will not It exceeds 90, and based on (OPEC)’s desire that the price be fair at this level, the oil organization hastened to put quantities in the markets, and the major financiers also offered quantities of strategic storage in order to curb prices, which led to this decline in prices.
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