OPEC in ‘price war’ as Iraq says members fight for market share

BAGHDAD (Bloomberg) -- Members of OPEC, the group that supplies 40% of the world’s oil, are engaged in an internal price war as they seek to preserve their share of an oversupplied market, Iraqi Oil Minister Adel Abdul Mahdi said. “There is a price war within OPEC,” Abdul Mahdi told an evening session of the parliament in Baghdad Oct. 30, which was broadcast on state-run television. “The market’s fundamentals have changed, with an extra 3 MMbopd entering the market at a time when growth in China and India has slowed.”

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