Oil prices are on the rise due to the supply concerns caused by the drop in the supply from U.S.'s oil wells and China's decisions to expedite its economy. The price per barrel of Brent crude oil, which Turkey and other countries use as a standard to determine fuel oil prices, has risen to $64.34, while the price of the U.S.'s light crude oil has surged to $56.64. According to the data released by the U.S., the number of operating oil wells in the country continued to fall in April, hitting the lowest level since 2010. Another factor that caused oil prices to surge is the fall in the required reserves of Chinese banks. Chinese banks are expected to further contribute to the economy and speed up the growth rate, since their expenditures dropped due to the fall in required reserves. It is predicted that the run-up in China's economic growth will also increase the demand for oil, further driving oil prices up.

Four new oil wells in Iraq Meanwhile, it was reported that the number of oil wells that have been opened since 2009 has increased to 119, with Chinese PetroChina opening four new wells in the Halfaya oil field in Iraq. During an interview with Anadolu Agency, Adnan Mushi, the general manager of Iraq's state-run South Oil Company, said that PetroChina has opened four new wells as a part of its objective to produce 400,000 barrels of oil per day in 2017, adding: "The daily oil production has gone up to 200,000 barrels with the 119 oil wells that have been opened since 2009." In a previous written statement released by PetroChina, it was stated that the two-stage section of the project - carried out in the Halfaya oil fields - planned to be completed by 2014, cost $3 billion.