Iraq announces that poor liquidity and extreme fluctuations are behind the drop in the oil price

Iraq announced Wednesday that poor liquidity and extreme volatility in the oil futures market has led to prices being far from market fundamentals, declaring its support for comments made recently by Saudi Energy Minister Prince Abdulaziz bin Salman.

Sharjah 24 – Archyde.com:

Iraq said on Wednesday that poor liquidity and extreme volatility in the oil futures market had led to prices far from market fundamentals, declaring its support for comments made by Saudi Energy Minister Prince Abdulaziz bin Salman earlier this week.

The state-owned oil marketing company “SOMO” said, in a statement on its website, that Iraq believes that the OPEC + alliance, which includes the Organization of the Petroleum Exporting Countries and other producers, including Russia, will continue to monitor the market and will take all necessary measures to achieve a balance in the oil markets.