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OPEC: No Impact of Iraq Crisis on Country’s Oil Output
The crisis in Iraq has had no impact on the country's output of petroleum, according to the Organization of the Petroleum Exporting Countries.
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The crisis in Iraq has had no impact on the country's output of petroleum, according to the Organization of the Petroleum Exporting Countries.
OPEC blames current surges in oil futures to a "nervous" market rather than any actual change in petroleum supplies. Prices for a barrel of Brent crude, which has hovered around $110 in recent years, has jumped to about $115 this month.
OPEC supplies some 44% of the world's crude, or roughly 33 million barrels per day. Iraq contributes about 3.5 million bpd. The cartel says its 11 other members could offset Iraq's output if necessary.
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