Aufi says Iraq crisis led to rise in oil price
MUSCAT — Talal bin hamed Al Aufi, marketing director at the Oil and Gas Ministry, said the international oil prices rose due to the current Iraqi crisis, the fears that war may break out and the political circumstances in the region.
He said in a statement to Oman News Agency (ONA) that the international oil markets fear that Iraq oil supplies may cease, and that the UN inspectors’ report about Iraq’s weapons of mass destruction may add to the tension between Iraq and the US.
Aufi added that the current surge in oil prices is also due to a rise in demand for the heating gas during the winter season.
He said with regard to Venezuela, it’s still not clear whether it will restore its production levels which prevailed before the strike which had also contributed to the current high oil prices in the international markets.
He noted that Opec plays an active role in encountering the challenges and works towards the stability of oil prices, adding the sultanate is fully confident that the Opec will have a remarkable role in compensating for any shortage in oil supply in the future. — ONA