Decline in US crude Oil price due to increase of Iraqi Oil production

(IraqiNews.com) The price of the futures of the American crude Oil witnessed a decline during the Asian trading session of Tuesday and in three sessions after the recent increase in Iraqi crude Oil production.

The Iraqi Ministry of Oil increased its Oil production in the southern Oil fields after fixing a leak in an Oil pipeline, though the maintenance is still limiting the Iraqi Oil exports.The Minister of Oil, Abdul Karim Laibi has previously announced that Iraq is currently exporting about 2,5 million of crude Oil barrels daily.