OPEC Chief: Iraq Crisis Not Affecting Oil Production

Brussels, June 24 (QNA) – The conflict in Iraq is not affecting oil production in the south of the country, says the head of the Organization of the Petroleum Exporting Countries (OPEC), Abdalla Salem el-Badri.

“About 95 per cent of … production in the south is still intact, there is nothing wrong with it; they are still producing as normal,” Badri was quoted by dpa as saying in Brussels, adding: “The Iraqi supply has not affected the market.” The current oil price of around 110 dollars a barrel is “not because of a shortfall of supply,” he said, adding that a “nervous” market and “speculation activities” are driving prices up.

Commercial oil stocks will last for 57.5 days, the OPEC secretary general added, in a joint press conference with EU Energy Commissioner Guenther Oettinger.(QNA)

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