Iraq promises to increase oil exports in July

Iraqi Oil Minister Abdul Kareem al-Laibi said that oil exports from the country will increase in the next month, writes Bloomberg.

Thus he reiterated the view that the riots in northern Iraq do not affect the oil-rich southern part.

“Oil exports will show significant growth, and recent events have no effect on the production and export of crude oil from the country,” – he said.

“International oil companies continue to operate normally,” – said the Minister of Oil.

Instability in Iraq actually played a role: companies such as BP and Exxon Mobil, yet evacuated their employees, but in general, really, no signs of stagnation of exports. Has recently been reported that the export of “black gold” of the country was almost a record, and the next month, according to Bloomberg, will be a record.

Futures for Brent crude cheaper today by a quarter percent, trading at $ 113.85. When the war in Iraq has only just begun, the market reacted very violently, but in recent days the situation calmed down, as market participants see that with the export seems to be no problems.

Laibi also noticed that the Iraqi government will not allow anyone else to encroach on their possessions, and the oil ministry is now working to regain control of insurgents taken place oil.

In recent days, the situation in the oil exports market really calmed down a bit, but very dangerous armed conflict is the fact that their development is very difficult to predict. Isolation can have unpredictable twists and turns, and the market – very nervously to react.