Iraq is the second-biggest crude producer within the OPEC cartel
, and markets have been anticipating increased output from the country.
The market's rise was also fuelled by a pick-up in oil stocks, as Russia finally caved in to the Opec cartel
and agreed to cut exports by 150,000 barrels a day from January 1.
The OPEC cartel
, which accounts for 40 per cent of the world's total output, has restored stability to the international oil markets.
Contributing to the demise of the OPEC cartel
is the accelerated prospects for production in non-OPEC countries, including the former Soviet (CIS) counties.
Iraq is the second largest crude producer in the OPEC cartel
after Saudi Arabia, pumping an average of about 3.
As US prices rose to heights not seen since Hurricane Katrina, it was said the Opec cartel
which controls world oil production could do nothing to ease price rises.
Awash with oil, the once-mighty Opec cartel
now suffers the lowest real crude prices since it tipped the world's leading industrial powers into crisis in 1973.
Since the second Iraq war, the price of oil has been steadily rising, despite quota increases from members of the Opec cartel
NNA - Oil prices rose in Asia Friday but gains were capped before a key meeting of the OPEC cartel
, which is expected to maintain its current production levels despite an oversupplied global market.
World oil prices have collapsed by about 60 percent since June, with the strong US production exacerbating elevated output by the OPEC cartel
Market prices for the benchmark Brent held above $48 on Tuesday after the Secretary General of the OPEC cartel
said that crude prices may have bottomed.
Summary: Senior oil official who represents his company in OPEC cartel
is believed to have been abducted in militia-held capital Tripoli.
Producers once imagined they could rig this market through the OPEC cartel
According to him, the 12-member OPEC cartel
determined to keep its production ceiling unchanged sending oil prices crashing.
Ali Omair was speaking from Vienna, where on Thursday the 12-member Opec cartel
decided to keep its production ceiling unchanged sending oil prices crashing.