Brent Oil Prices Increased in The International Market

World Oil NewsIraqi Dinar 123 News:– Iraq is the second largest oil producer in the world after Saudi Arabia. Therefore economy of Iraq impacts directly the international oil market and indirectly the economies of the other developing countries in Asia and Africa. The Brent oil has increased in the international market for last 4 weeks due to crisis in Iraq. The recent per barrel price of crude oil is $107 in the international market and expected to increase further in the near future.

The experts believe that crude oil prices will reach $112 per barrel in the international market by the end of this year. Therefore developing nations are designing their economic strategies accordingly to safe their economies from sudden adverse impacts of this rise. If the situation in Iraq stabilized in the next few months, it may possible that the world will see this rise in the oil prices otherwise the things can be bad enough. The northern area of Iraq is under militants that is 15-20% of the total oil industry of Iraq. It’s fortunate that southern area of Iraq is safe because most of the oil fields of Iraq are located in these areas. Hope this situation will not become more critical and world will not face more in the form of oil crisis.

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