The head of the Organization of Petroleum Exporting Countries forecast on Monday global crude prices would soon fall, partly because of expected supply increases from Iraq. "International oil prices for the September to December period are likely to drop," Purnomo Yusgiantoro, who is also Indonesia's mines and energy minister, told reporters in Jakarta. Iraq supply should improve later this year as security there was likely to improve, Purnomo said. Iraq is a member of the 12-member OPEC grouping. An expected resolution of the Yukos oil scandal in Russia, which is the world's largest non-OPEC oil producer, should also help tame sky-high crude prices, Purnomo said. OPEC oil ministers are next set to meet in Vienna in September to discuss ways to bring prices down. Huge demand from the U.S. and China, coupled with fears over terrorism have helped push prices to two-decade highs this year.
