AK News reported that oil prices will not fall lower than USD 100 per barrel this year despite political crises across the Middle East.
The Iraqi Ministry of Oil made their assurances as tensions continue to increase over Iran's threats to close the Strait of Hormuz in retaliation for EU sanctions.
Mr Falah al Amiri DG of the state owned Oil Marketing Company said that the political situation in the region, particularly America's and Europe's problems with Iran does not affect international oil prices. This was in accordance with the policy of UK based OPEC with whom Iraq is an active partner.
Mr Al Amiri said that the oil ministry is working to ensure the diversity of the Iraqi oil market as well as organizing its relationship with the Asian and European oil markets.
The EU countries agreed last month to impose a ban on Iranian oil gradually and sanction Tehran's central bank to cut off funding from its nuclear program.
The strait is the major path of oil from the Arab Gulf to the rest of the world. About 1.7 million barrels out of 2.2 million passes daily through the Strait of Hormuz. Saudi Arabia, Kuwait, Iran, Iraq and the United Arab Emirates use the strait to export oil to customers around the world.
(Sourced from AK News)
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