Iraq Says Oil Price Decline Is Severe; Surplus ‘Tremendous’
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The latest crude price decline has been severe and there’s “tremendous” surplus in the market, Iraqi Oil Minister Abdul Kareem al-Luaibi said.
“It is very clear that there are tremendous surplus quantities that led to this severe decline in the prices,” al-Luaibi said today in Vienna, where he is attending the meeting of the Organization of Petroleum Exporting Countries. “This would not serve anyone.”