The plunge in crude prices after OPEC’s decision to keep its production ceiling unchanged is “terrible,” according to Iraq ’s oil minister. Brent crude, the global benchmark, fell the most in more than three years after the 12-member group completed talks and traded at $72.50 a barrel in London today. That’s 29 percent less than the $102.20 Iraq needs to balance its budget, according to International Monetary Fund estimates. “We are trying to follow up what is going on, then we will assess the whole issue,” Oil Minister Adel Abdul Mahdi said in an interview today in Vienna. “I already had a meeting with my team. We will try to put the right policy to face the situation.” Iraq is the second-largest producer in the Organization of Petroleum Exporting Countries, which left its daily output target unchanged at 30 million barrels yesterday. The group considered a cut of 5 […]