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The US’ ability to quickly ratchet up oil production in response to higher prices has put a ceiling on global crude prices.
Despite a successful effort to reduce oil production by the Organization of Petroleum Exporting Countries, oil prices recently fell to below $ 50 a barrel, a three-month low.
The primary reason: A countervailing surge in shale oil production by the United States.
The Indian government can breathe more easily about one of its macro-economic concerns: Rising global oil prices.
The Narendra Modi government has benefited hugely from the slump in oil prices that began in 2014.
Iraq committed to OPEC output deal to support prices: oil ministry
A worker rides a bicycle at Najaf oil refinery in Najaf, 160 km (99 miles) south of Baghdad, October 3, 2013.
“Iraq is committed to OPEC’s decisions to reduce production to support prices and manage the oversupply in international markets,” Asim Jihad said.
REUTERS/Ahmad MousaBAGHDAD Iraq remains committed to a global agreement by OPEC and non-OPEC producers to reduce oil supply to stabilize the market, the oil ministry’s spokesman said on Wednesday.
Iraq’s total crude oil production fell to 4.566 million barrels per day last month, from 4.630 million bpd in January.
Meanwhile, total Iraqi oil exports, including from the northern Kurdish region, in February were 3.869 million bpd, Jihad said, without providing a figure for exports in January.
collected by :John Locas