Iraq says no alarm at prospect of hiked Iran oil exports
Iraq can offset the impact of the Iran nuclear deal on oil prices and competition for export markets with higher production and improved regional trade, the oil ministry said Wednesday. The deal reached between Tehran and world powers Tuesday could lead to the lifting of economic sanctions on Iran and allow the Islamic republic to increase […]Iraq can offset the impact of the Iran nuclear deal on oil prices and competition for export markets with higher production and improved regional trade, the oil ministry said Wednesday. The deal reached between Tehran and world powers Tuesday could lead to the lifting of economic sanctions on Iran and allow the Islamic republic to increase its oil exports. Experts predict that the return of Iranian oil exports could help keep oil prices low. Cash-strapped Iraq relies on oil exports for the vast majority of its income. "Iraq's income will be reduced but this has been taken into account," oil ministry spokesman Assem Jihad told AFP.
