Yuri Shafranik: Iraq's Entry to World Oil Market Will Not Cause Its Collapse

Iraq's entry to the world oil market will not cause its collapse, Yuri Shafranik, chairman of the Russian Union of Oil and Gas Producers, president of the Committee for International Cultural, Scientific and Business Co-operation with Iraq, said at a Friday press conference in Moscow.

According to him, "both Iraq and the international community are not that stupid as to let oil prices plummet or soar." Moreover, Mr. Shafranik believes that a military operation in Iraq may cause oil price fluctuations within $10-$100 per barrel. "It is very bad for Russia because its economy depends on oil exports," the businessman stressed.