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2022-03-09 13:53
Oil plunges 15% as Iraq and UAE prepare to boost production
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2022-03-09 13:53
Shafaq News/ Oil prices fell, on Wednesday evening, by as much as 15 percent after media reports said that OPEC producers for Iraq and the UAE said that they would support increased production, which may offset some supply disruptions caused by sanctions on Russian oil after its invasion. Ukraine.
Brent crude fell more than 15.21 dollars, or 11.88 percent, to reach 112.40 dollars, during sharp selling by 20:00 GMT, and US crude fell 14.13 dollars, or 11.42 percent, to 109.57 dollars.
Prices hit session lows after traders cited media reports of an Iraqi minister claiming that the country was ready to increase production if requested by OPEC+.
The Financial Times had previously reported that Yousef Al-Otaiba, the UAE's ambassador to Washington, said the country favored increasing production.
"It's nothing. They can probably bring 800,000 barrels to market very quickly, even immediately, which would give us one-seventh of the way to replace Russian supplies," said Bob Yauger, director of energy futures at Mizuho.
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Brent crude fell more than 15.21 dollars, or 11.88 percent, to reach 112.40 dollars, during sharp selling by 20:00 GMT, and US crude fell 14.13 dollars, or 11.42 percent, to 109.57 dollars.
Prices hit session lows after traders cited media reports of an Iraqi minister claiming that the country was ready to increase production if requested by OPEC+.
The Financial Times had previously reported that Yousef Al-Otaiba, the UAE's ambassador to Washington, said the country favored increasing production.
"It's nothing. They can probably bring 800,000 barrels to market very quickly, even immediately, which would give us one-seventh of the way to replace Russian supplies," said Bob Yauger, director of energy futures at Mizuho.
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