Reuters: Iraq sets $90 as threshold for oil price concern

[Stillw8n]

Reuters: Iraq sets $90 as threshold for oil price concern

BAGHDAD/TEHRAN: Global oil prices below $90 a barrel would be “difficult” to accept, Iraq’s Deputy Prime Minister for energy said in a sign that a slide in prices is starting to worry some OPEC members.

Brent crude oil dipped below $100 a barrel on Tuesday on growing concern about a Greek debt default and the health of the global economy. Prices have tumbled from a 2011 peak of $127 reached in April.

“Oil prices have slumped to their lowest acceptable levels and it would be really difficult to accept prices below $90,” Iraq’s Hussain Al-Shahristani said.

He said he saw no need for the Organization of the Petroleum Exporting Countries to review its crude output at its next meeting, in December, and no reason at the current time to trim production.

Read More: http://arabnews.com/economy/article512063.ece