Iraq and the United Arab Emirates drop oil prices

12:22 - 10/03/2022
Economy

After Iraq and the United Arab Emirates promised to increase oil production, oil prices lost 14 percent to 17 percent, and the price of each barrel of oil in the world's markets fell to $112.

After oil prices recorded the highest level yesterday and reached 133 dollars, the price of each barrel of Brent crude fell down to 112 dollars on Thursday morning.

 According to the New York Times and the British Financial Times, senior Iraqi and Emirati officials promised to increase their oil production and exports within the framework of OPEC, which had an impact on the oil markets.

Yousef Otaiba, the UAE ambassador in Washington, said that his country promises to raise the level of its oil production as soon as possible.

On the other hand, Iraqi Oil Minister Ihsan Abdul-Jabbar said that his country will soon increase its gas production levels and will be able to increase its oil exports within OPEC countries.

According to the New York Times and the Financial Times, statements by Iraqi and Emirati officials had the biggest impact on the drop in oil price

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