According to the Al-Sabah newspaper, Abdul-Hadi al-Hassani said the losses had been caused by plummeting oil demand and prices.
Daily oil output in Iraq currently stands at 2.7 million barrels.
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One of the main achievements of the 6th BRICS Summit was the signing of an official document on establishing a New Development Bank with a declared capital of $100 billion. The creation of the bank is an important step towards institutionalizing BRICS and strengthening its positions in the world in the long run.