Oil prices fell sharply on Tuesday afternoons and evenings. An hour before closing in the US, the price of Brent fell USD 1.20 to USD 71.97, while light oil fell by 98 cents to USD 62.12.
According to Reuters, the fall in oil prices results from a statement by Iraq's oil minister Thamer Ghadhbana that the country will increase oil production and export opportunities in 2019. And that they are approaching agreements with international companies.
Iraq, the second largest producer of OPEC, pumps out 4.6 million barrels of oil per day, and now targets five million barrels a day in 2019.