Iraq: Oil Price Drop After OPEC Decision Is ‘Terrible’: Iraq Minister

Nov 28, 2014 | Nayla Razzouk and Rupert Rowling, Businessweek
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The plunge in crude prices after OPEC’s decision to keep its production ceiling unchanged is “terrible,” according to Iraq’s oil minister.

Brent crude, the global benchmark, fell the most in more than three years after the 12-member group completed talks and traded at $72.50 a barrel in London today. That’s 29 percent less than the $102.20 Iraq needs to balance its budget, according to International Monetary Fund estimates.