Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

OPEC chief says recent oil price hike due to market fears, Iraq output steady despite crisis

FILE - In this Dec. 13, 2009 file photo, an Iraqi worker operates valves at the Rumaila oil refinery near the city of Basra, 550 kilometers (340 miles) southeast of Baghdad, Iraq. The turmoil in Iraq has thrown the OPEC member’s ambitious plans to boost oil production into doubt, threatening to crimp its most vital economic lifeline. Northern oil fields imperiled by the militants’ advance have been shut down, and companies have begun evacuating workers elsewhere in the country. Iraq’s Kurdish minority has moved to solidify control over the northern oil-rich city of Kirkuk and other disputed areas, weakening Baghdad’s claims to the energy riches buried beneath while bolstering the Kurds’ aspirations of greater autonomy. (AP Photo/Nabil al-Jurani, File)

Enlarge Image

FILE - In this Dec. 13, 2009 file photo, an Iraqi worker operates valves at the Rumaila oil refinery near the city of Basra, 550 kilometers (340 miles) southeast of Baghdad, Iraq. The turmoil in Iraq has thrown the OPEC member’s ambitious plans to boost oil production into doubt, threatening to crimp its most vital economic lifeline. Northern oil fields imperiled by the militants’ advance have been shut down, and companies have begun evacuating workers elsewhere in the country. Iraq’s Kurdish minority has moved to solidify control over the northern oil-rich city of Kirkuk and other disputed areas, weakening Baghdad’s claims to the energy riches buried beneath while bolstering the Kurds’ aspirations of greater autonomy. (AP Photo/Nabil al-Jurani, File)

BRUSSELS - The head of OPEC, the group of major oil exporters, says recent crude price increases are to blame on market fears caused by the crisis in Iraq but not on a drop in output.

OPEC Secretary General Abdullah Al-Badry said Tuesday that Iraq is "still producing as normal," with 95 per cent of its capacity in the country's south being unaffected by the violence.

The price for a barrel of Brent crude, the key international benchmark, has risen from a stable level of $110 held over the past four years to about $115 following the takeover of some parts of Iraq by Sunni insurgents.

Al-Badry says prices are not rising because of supply shortages but because the market is "nervous" and investors are speculating.

He adds OPEC still has spare capacity.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates