By: Ahmad Awad
Kuwait-Mubasher: The continuous drop in oil prices will turn the oil market upside down to be a market of sellers, Iraq’s oil minister Adil Abdul-Mahdi said on the sidelines of Energy Strategy Forum that was held in Kuwait.
The minister added that the cost of producing an oil barrel in several OPEC-countries does not exceed $6; the cost in Kuwait is $4.8 per barrel, while it is $5.1 and $5.4 in Iraq and Saudi Arabia respectively.
The international oil supply is currently standing at 1.3 million barrels a day.
