The Iraqi Ministry of Oil has announced the normalization of oil production and operational activities across the country, saying that all oil fields are ready to resume production.
According to the Iraqi Oil Minister, the restoration of normal oil production activities will be carried out in stages. He said that although all fields are ready for operation, it will take some time to restore production to previous levels.
After Iraq’s announcement to restore production, the downward trend in crude oil prices in the global market has continued. Brent crude oil was sold at around $77 per barrel during trading on the London Oil Market. Meanwhile, the price of US crude oil WTI remained at $74 per barrel, while UAE Murban crude oil continued to trade around $72 per barrel.
According to energy experts, signs of increased supply from Iraq have increased pressure on prices in the global market, while investors are keeping a close eye on the oil supply and demand situation in the coming days.
