Iraqi oil to crash oil market?

As soon as Iraq resumes pre-war volumes of oil supplies, world prices for crude oil might fall sharply, Bijan Namdar Zanganeh, Iranian Minister of Petroleum, told journalists in Teheran on Wednesday.

It will be possible to avert the collapse of prices for crude oil, only if OPEC extends and enhances co-operation with major exporters of oil, first of all Russia, Mexico and Norway, the Iranian minister pointed out.

At the same time Mr. Zanganeh refrained from answering the question when Baghdad was supposed to return to world energy markets and finally to the world oil cartel.

According to OPEC's information, at present Iraq produces about 1 mln barrels of crude oil per day, whereas the pre-war daily rate was 2.8 barrels on the average.

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