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Oil prices raise waiting for two things to happen

Category: Economy

Date: 2020-04-30T14:48:31+0000
Oil prices raise waiting for two things to happen

Shafaq News / Energy expert, Furat Al-Mousawi identified on Thursday two things for the rise in international oil prices, while he pointed out that the OPEC countries agreement will enter into force starting next month

"The rise in West Texas oil prices is not real and does not have a positive impact on the recovery of the global economy," Moussawi told Shafaq News, noting that "the revival of the economy is through the decline of   Corona virus in the world and the start of a return to energy demand and the stability of crude oil prices."

" OPEC agreement will start next May and oil prices will improve at the beginning of June, but the improvement in prices will be slight because the supply of oil in the energy market is more than required,” He added.

“The improvement in oil prices and the return of prices as they were previously is linked to the decline of Corona virus and the withdrawal of surplus oil from global markets through the return of the Asian economy to activity,” he said.

The Iraqi Oil Ministry considered on Saturday (April 18th ) that what is witnessed in the global markets regarding the decline in oil prices is a temporary matter that will soon end with the receding of the novel Corona virus.

The "OPEC +" group agreed, earlier, to an unprecedented reduction in production equivalent to about 10 % of global supply, to support crude prices that fell in the midst of the Corona pandemic.

Under the agreement, Iraq will reduce its production by about one million barrels per day.

Iraq is the second largest producer in "OPEC" after Saudi Arabia, and produces about 4.5 million barrels per day, of which about 3.5 million barrels per day go for export.

Iraq’s revenues from selling oil fell sharply in March, as it reached about $ 3 billion, down from about $ 5 billion in the previous month.

Iraq relies on revenues from the sale of oil to finance up to 95 % of the country's expenditures.

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