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11/10, 4:20 PM (Source: TeleTrader.com)
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Saudi Arabia, Iraq to work together on oil market stabilization

Iraqi Oil Ministry Spokesman Asim Jihad stated on Saturday that Baghdad and Riyadh agreed to join their forces to help stabilize the oil market.

The statement comes amid decreased investment incentives in crude as market watchers continue to worry about the rising global oil supply despite the Iranian sanctions that came into force on November 4. Meanwhile, investors are also concerned about the slowdown in the global economic expansion that could heavily impact the demand for oil.

Crude values have been trading in the red for the past month with both American benchmark West Texas Intermediate and international benchmark Brent losing around 20% since early October.

Breaking the News / VK