11/25/2021, 11:11 AM (Source: TeleTrader)
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Prices could collapse if more oil produced - Iraq

Iraqi Oil Ministry said on Thursday that pumping excessive quantities of oil could lead to a "collapse" in prices.

Speaking to the Iraqi News Agency (INA), ministry spokesman Assem Jihad praised the partnership between the Organization of the Petroleum Exporting Countries and its Russia-led allies, stressing that their agreement is "going well" and that it has led to "successes so far" when it comes to balancing global oil supply and demand.

"OPEC does not want to lose this success by pumping more oil, because the oil markets are still fragile," he emphasized.

Baha Breaking News (BBN) / MS