03.11.2014 - OPEC in price war, Iraq says members vie for market
Members of OPEC, the group that supplies 40 percent of the world’s oil, are engaged in an internal price war as they seek to preserve their share of an oversupplied market, Iraqi Oil Minister Adel Abdul-Mahdi said. “There is a price war within OPEC,” Abdul-Mahdi told an evening session of the parliament in Baghdad on Thursday last week, which was broadcast on state-run television. “The market’s fundamentals have changed, with an extra 3 million barrels a day of crude entering the market at a time when growth in China and India has slowed.”..............................................Full Article: Source
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