09:36 GMT +322 October 2019
Listen Live
    Oil production in Khanty-Mansi Autonomous District

    Iraqi Vice President Says Oil Price Crash Is Economic War on Russia, Iran

    © Sputnik / Iliya Pitalev
    Business
    Get short URL
    0 103
    Subscribe

    Vice President of Iraq Nuri al-Maliki says the ongoing decline in oil prices is not a normal economic situation and has not happened on its own, but was rather instigated as an economic war targeting mostly Russia and Iran.

    MOSCOW, January 17 (Sputnik) — Vice President of Iraq Nuri al-Maliki has recently commented on the ongoing decline in oil prices.

    "The economic war on countries may be more damaging and influential on humanity than conventional wars. The drop in oil prices is not a normal economic situation, it is a political process aimed at destroying the economies of specific countries," the IraqiNews website quotes the politician as saying in an interview with a number of journalists in the country’s province of Basra. "Russia and Iran are the first of those countries, and Iraq is affected incidentally."

    "The economic war against these countries is complementary to the role of terrorism that kills innocent people," he added. "Economic wars are devastating the structure of the targeted countries and result in starvation of their people."

    Oil prices remain near multi-year lows, having dropped from slightly over $100 a barrel in June to under $50 a barrel on Thursday. OPEC, the world’s oil cartel, has said they will maintain production levels despite falling price.

    Major oil giants have already announced job cuts in response to the falling prices.

    BP, the British energy giant, has announced 300 job cuts in its North Sea operations. The company employs nearly 4,000 people in the North Sea, with a further 11,000 elsewhere in Britain.

    In December the company said it would cut thousands of jobs across its global oil and gas business following steep falls in the price of oil.

    The world’s largest oilfield services company, the Houston-based Schlumberger, is set to cut as many as 9,000 jobs, a representative from the company told Sputnik Thursday.

    On Wednesday Royal Dutch Shell announced the decision not to proceed with its $6.4 billion joint project with Qatar Petroleum — Al Karaana.

    On the same day, Premier Oil said it would not proceed with its $2 billion Sea Lion project on the Falkland Islands while oil prices remain below $50 a barrel.

    Related:

    Falling Oil Prices to Impact Small Companies: ConocoPhillips CEO
    Declining Oil Prices Cause Industry Giants to Suspend Ambitious Projects
    Oil Prices Drop Again After Brief Revival on OPEC Demand Forecast for 2015
    Tags:
    oil prices, economic crisis, price decline, Iran, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik