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Iraq Unrest May Lead to $15-20 Rise in Oil Price in 2 Months: Exporters Body

Posted on 19 June 2014

The Federation of Indian Export Organisations (FIEO) on Wednesday said the unabated turmoil in Iraq may lead to a spike in oil prices by $15 to 20 a barrel in the next couple of months, adding to inflation woes and jacking up India’s oil import bill.
India imports about 25 million tonnes of oil from Iraq each year. Militants pressing a major offensive in Iraq attacked Iraq’s biggest oil refinery on Wednesday, pushing up Brent for August settlement to about $113.60 a barrel on the London-based ICE Futures Europe exchange…………………………………..Full Article: Source


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