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Iraq charges Saudi oil decision will cost it $1.5 billion

Special to World Tribune.com
MIDDLE EAST NEWSLINE
Monday, July 24, 2000

NICOSIA -- Iraq has warned that a Saudi decision to raise oil production could lead to significant losses by Baghdad.

Iraqi Oil Minister Amr Rashid said Baghdad could lose more than $1.5 billion in oil revenues this year if world prices are brought down by a Saudi decision to raise oil production. Rashid was quoted in the Iraqi state newspaper Al Jumhoriya.

"It [will mean] huge financial losses for the Iraqi people, which may exceed $1.5 billion this year," Rashid said.

Riyad said it will raise oil output by 500,000 barrels a day in an effort to bring down oil prices to about $25 a barrel.

Baghdad has benefited from the high oil prices, that hover around $30 a barrel. Rashid said Iraq intends to export 2.5 million barrels a day, which could bring Baghdad $18 billion this year.

Monday, July 24, 2000

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