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Shafaq News/ The economist, Manar Al-Obaidi, commented on Wednesday, on the possibility of Iraq playing a role in increasing oil production in the global market, after the sharp drop in crude prices.
Al-Obaidi told Shafaq News Agency, "Oil prices rose as a result of an emergency circumstance, which is the ban on Russian exports, which led to a reduction in supply versus demand and led to an increase in prices, and therefore it is not a normal supply and demand equation, but rather as a result of an emergency circumstance represented by war, and when the war stops, things will return." It is possible that prices will return to normal."
And at the level of Iraq, it faces challenges not only related to production, but also logistics. Despite the ability to increase production, but as a result of the limited absorptive capacity of loading ships with oil and the decline of export lines through Basra, it is not possible to rely on a significant increase in Iraq's exports that increases its ability to export Thus, it fills the deficit.
Yesterday evening, Tuesday, oil prices recorded a sudden sharp decline, despite recording an increase in the same morning compared to the previous day.
Brent crude fell $6.17, or 5.44%, to $107.33 a barrel by 12:15 GMT, and US West Texas Intermediate crude fell $5.18, or 4.78%, to $103.07 a barrel.
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After a sharp drop in oil prices, will Iraq play a role in increasing production?
Shafaq News/ The economist, Manar Al-Obaidi, commented on Wednesday, on the possibility of Iraq playing a role in increasing oil production in the global market, after the sharp drop in crude prices.
Al-Obaidi told Shafaq News Agency, "Oil prices rose as a result of an emergency circumstance, which is the ban on Russian exports, which led to a reduction in supply versus demand and led to an increase in prices, and therefore it is not a normal supply and demand equation, but rather as a result of an emergency circumstance represented by war, and when the war stops, things will return." It is possible that prices will return to normal."
And at the level of Iraq, it faces challenges not only related to production, but also logistics. Despite the ability to increase production, but as a result of the limited absorptive capacity of loading ships with oil and the decline of export lines through Basra, it is not possible to rely on a significant increase in Iraq's exports that increases its ability to export Thus, it fills the deficit.
Yesterday evening, Tuesday, oil prices recorded a sudden sharp decline, despite recording an increase in the same morning compared to the previous day.
Brent crude fell $6.17, or 5.44%, to $107.33 a barrel by 12:15 GMT, and US West Texas Intermediate crude fell $5.18, or 4.78%, to $103.07 a barrel.
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