Maliki Lashes out at Saudi Arabia for Destroying Iraq's Economy

Written by  Published by:Shiite News
Published in Iraq
Friday, 26 December 2014

Iraq's Vice-President Nouri al-Maliki slammed unwise and politically-tainted approach of Riyadh which rejected to decrease its crude output resulting in the Organization of Petroleum Exporting Countries (OPEC) members' oil price fall.

“Saudi Arabia followed a certain oil policy against Iran and Russia in order to damage their economy, and Riyadh's move had also negative impacts on the Iraqi economy," Maliki told the Iraqi news agency.

In the last meeting of (OPEC) Saudi Arabia, as the largest oil producer among OPEC members, voiced its firm stance to continue crude production and exports regardless of unprecedented fall in the international oil price.

OPEC is an international organization and economic cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to collude in influencing world oil prices through economic means.

OPEC is an intergovernmental organization that was created at the Baghdad Conference on 10–14 September 1960, by Iraq, Kuwait, Iran, Saudi Arabia and Venezuela. Later it was joined by nine more governments: Libya, United Arab Emirates, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon. OPEC was headquartered in Geneva, Switzerland before moving to Vienna, Austria, on September 1, 1965.

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