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Global oil prices have fallen to their lowest level in nine months, despite fears that conflicts in Ukraine and Iraq would increase prices.

Brent crude oil has fallen to $103.70 (£62) a barrel, its lowest rate since November 2013. In July, oil hit its highest level in nine months, valued at $115.71 per barrel. Violence in Iraq was cited as the reason for the rise. The current fall in price has led to an increase in demand from wealthy states.

Iraq has scheduled to export about 2.4 million barrels per day of Basra Light crude in September, up from 2.2 million in the previous month.

The International Energy Agency said that while tensions in Iraq and fighting in Ukraine continued, other oil resources were available, such as those of the US, Libya and Saudi Arabia. It had been thought that sanctions taken by the US and EU on Russia over its support for Ukrainian rebels might affect oil distribution.

Oil analyst Malcolm Bracken said there has some sign of the downing of the oil prices in the beginning of August. And there was no need to worry about Russian oil, as the most testing time was past. He said: "Russia's oil flows west, and [Mr Putin] needs our money even more than we need his oil. This limits his choices more than ours.

"It is the largest oil producer in the world, at over 10 billion barrels equivalent per day or 13% of world supply. Russia turning the taps off would cause an oil crisis in the West as it would cause a steep rise in prices and significant disturbance, especially in Germany. It would also bankrupt the Russian state."

Concerns over Iraq have also been mounting. Amrita Sen, chief oil analyst at Energy Aspects, told the BBC: "We do not expect southern Iraqi oil exports to be impacted by the current conflict, as the fields remain far away from where the fighting is currently ongoing. It will not be possible for the world to replace Iraqi production, simply because the world doesn't have that much spare capacity available."

 

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