Oil prices fall because of "Iraq 's declaration . "



Views 13 Date 10/24/2016 - 18:51

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Oil prices fell on Monday after Iraq announced that it wants excluded from any agreement reached by OPEC to cut production in order to strengthen the market and after the increase in the number of drilling rigs in the United States.

Prices of futures contracts for Brent crude fell 17 cents to close another one for him to $ 51.61 a barrel at 00:51 GMT.

Futures contracts for crude West Texas Intermediate prices have fallen 20 cents to $ 50.56 a barrel.

Traders said the price fall was the result of statements issued from Iraq, who said he wants excluded from production cuts by OPEC, which the organization intends to take a decision during its meeting on November 30.

OPEC plans to cut production to between 32.50 and 33 million barrels per day, down from 33.39 million bpd in September.

It will be difficult to achieve if Iraq did not participate in it's second-largest crude oil producer in OPEC after Saudi Arabia.

The deputy oil minister, Fayyad Grace, Sunday, that his country's oil production reached 4.774 million barrels per day, although the volume of exports amounted to 3.87 million barrels a day.

For his part, the President of the Iraqi oil marketing company, Falah al-Amiri, that Iraq will not reduce its production from OPEC's decision whether or others.


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