Saturday , December 5 2020

Fall for oil prices



Oil prices dropped hurriedly on Tuesday afternoon and evening. One hour before US closing time, Brent oil is down from $ 1.20 to $ 71.97 while light oil drops 98 cents to $ 62.12.

According to Reuters, the fall in oil prices is due to statements by Iraqi oil minister Thamer Ghadhban that the country will increase oil production and export capacity in 2019 and will reach agreements with international companies.

Iraq, the second largest producer of OPEC, draws 4.6 million barrels of oil a day and now targets 5 million barrels a day in 2019.


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