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BAGHDAD - Oil prices will not fall lower than $100 per barrel this year despite political crises across the Middle East, central government has said.
The Iraqi Ministry of Oil made their assurances today, as tensions continue to increase over Iran's threats to close the Strait of Hormuz in retaliation for EU sanctions.
The Director General of the state-owned Oil Marketing Company, Falah al-Amiri, told AKnews that the political situation in the region, particularly America's and Europe's problems with Iran, does not affect international oil prices.
He said this was in accordance with the policy of UK-based OPEC (Oil Pollution Environment Control ltd), with whom Iraq is an active partner.
"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," he said.
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.
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The Iraqi Ministry of Oil made their assurances today, as tensions continue to increase over Iran's threats to close the Strait of Hormuz in retaliation for EU sanctions.
The Director General of the state-owned Oil Marketing Company, Falah al-Amiri, told AKnews that the political situation in the region, particularly America's and Europe's problems with Iran, does not affect international oil prices.
He said this was in accordance with the policy of UK-based OPEC (Oil Pollution Environment Control ltd), with whom Iraq is an active partner.
"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," he said.
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.
[You must be registered and logged in to see this link.]
