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Iraq In Dire Need Of OPEC Action Amidst Oil Price Crash

Iraq is desperately asking for OPEC intervention due to the recent price crash on oil.

Iraq through its Oil Minister Thamer al-Ghadhban has asked OPEC to convene in a bid to reverse the oil price slide that began right after Saudi Arabia announced that they will be raising production and cutting down prices.

Iraq as with other oil-producing countries are dependent on income they get from oil exports , and with the recent slide on oil prices it is but natural for al-Ghadhban to be alarmed. Brent slipped down to around $30 yesterday.

Saudi Arabia's announcement caused the oil prices to slide further. Demand for oil was already at all time low due to the recent corona virus outbreak. And with Saudi Arabia aiming to increase its production from 10 million bpd to around 12 million bpd may drive the oil price much lower especially since Russia has already decided not to take part on more production cuts already proposed by OPEC.



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