Baghdad Oil prices increased their gains, today, Tuesday, as Brent crude contracts rose more than one dollar to reach 76.28 dollars per barrel.
This rise came after the International Energy Agency warned earlier today that “oil markets will witness a great shortage if the OPEC + impasse continues, and if production quotas remain at July levels.”
The Agency indicated that “stalled talks between major oil producers about pumping more supplies may deteriorate, turning into a price war, at a time when vaccines against the Corona virus launch a rise in crude demand.
The International Energy Agency pointed out that “the possibility of a battle for market share, even if it is remote, threatens markets, as well as the possibility of higher fuel prices threatening to fuel inflation and damage a fragile economic recovery.”
Source: National Iraqi News Agency