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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