Oil Basket Prices News

Iraqi Oil Minister Amir Muhammed Rasheed said that oil prices were not too high and accused the United States of overreacting to the rally. Rasheed also said that Iraq might further reduce its oil exports if spare parts bought under its oil-for-food deal remained in hold. "We think prices now are not too high," Rasheed said. "The prices should be normally around $25 to $27 and I am talking about OPEC oil basket prices. We are surprised by the overreaction of the administration in the United States to the prices. We see in this respect still a double-standard," he said. The OPEC basket price of seven crudes has averaged $25.40 a barrel so far this year with last week's average at $27.30. Rasheed said Iraq had to reduce its oil exports, "from mid- December ...