Oil prices slip amid Iraq production
Brent crude oil prices fell below $50 a barrel on Monday amid Iraq’s record oil production.
Iraqi Oil Minister Adel Abdul Mahdi said on Sunday that Iraq produced 4 million barrels per day in December, Reuters reports.
{mosads}The record production is attributed to greater output from its southern operations.
“There’s still more supply than demand and that’s a situation that will not change in just a few weeks,” Hans van Cleef, energy economist at ABN AMRO, told Reuters.
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