Oil price to drop to $20-22 per barrel if military operation starts in Iraq

In the event a military action starts in Iraq, the world oil price will fall to $20-22 per barrel, Yury Shafranik, President of the committee for cultural, scientific and business cooperation with Iraq, Chairman of the Union of Russian Oil Producers and former Energy Minister said. The official was quoted as saying the oil price will at first fluctuate within the $12-40 range and then settle at $20-22 per barrel within a year.