Oil up as U.S. looks to Iran over Iraq

Oil up as U.S. looks to Iran over Iraq

Shias volunteer to fight in Basra - there's going to be no quick fix to the crisis in Iraq.br br That's sent oil prices rising again - Brent Crude almost touching $113 a barrell.br br Eugen Weinberg is Head of Commodity Research at Commerzbank.br br (SOUNDBITE) (German) HEAD OF COMMERZBANK'S COMMODITY RESEARCH, EUGEN WEINBERG, SAYING:br br "Iraq is one of the world's most important oil exporters and producers. It is now number two within OPEC behind Iran. Even a small reduction of Iraq's output will have a huge impact on the oil price. We already have several other conflicts. The situation in Libya has deprived the market of 1.5 million barrels a day and another half a million barrels are missing due to sanctions against Iran ."br br But Iran is now touted a possible solution to the crisis caused by the advance of Sunni militants.br br There's even talk of talk between Iran and the U.S.


User: Reuters

Views: 102

Uploaded: 2014-06-16

Duration: 01:37

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