Iraqi elections pass safe: oil markets relieved

The markets were generally relieved to see the Iraqi elections pass off relatively quietly yesterday, with little disruption of oil supplies from Iraq, or its distribution facilities. As a consequence, crude feel to its lowest level for 3 weeks.

Speaking in Vienna, The Organization of Petroleum Exporting Countries (OPEC) president, Sheikh Ahmad Fahd al-Ahmad al-Sabah, also declared that the group had agreed to hold output quotas unchanged at 27 million barrels a day, but that this figure could be increased in the second quarter of the year.