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Oil falls on Iraq’s recent statement

Oil falls on Iraq’s recent statement
OPEC intends to decrease oil production (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Mubasher: Oil prices declined on Monday in line with worries from not reaching an agreement to decrease production, after Iraq showed no interest in joining the OPEC agreement over lower oil production as well as recent Japanese data reflecting weak oil imports.

Brent crude oil futures decreased 0.4% to reach $51.58 per barrel by 03:55 GMT, while the US crude oil futures levelled down 0.5% to $50.59 a barrel.

Iraq, which is the second largest oil producer after Saudi Arabia in OPEC, will not decrease its production by a decision from OPEC or any other entity, chairman of Oil Marketing Company Falah Al-Ameri said in an official statement.

OPEC intends to decrease oil production to an average between 23.50 and 33 million barrels per day, down from 33.39 million barrels in September.

The Japanese finance ministry issued data showing a 4.6% decrease in crude oil imports last September as compared with the same month in 2015.

Oil prices were not affected by the news about a close agreement between OPEC and non-OPEC members regarding oil prices and production, analyst Ahmad Karam said.

Translated by: Ingy ElSafy