Iraqi oil minister expects oil to reach over US$75


Ihsan Abdul-Jabbar (centre) added in a televised interview with state TV, that OPEC is trying to "control the energy market, in a positive way" that maintains the interests of all parties, consumers and producers.

Iraq's oil minister said on Monday that he expects oil prices to reach over US$75 a barrel.

Ihsan Abdul-Jabbar added in a televised interview with state TV, that OPEC is trying to "control the energy market, in a positive way" that maintains the interests of all parties, consumers and producers.

Abdul-Jabbar also said that current oil prices are unfitting for producers and that he expects them to return to a stable level in the coming months.

Oil climbed more than 4% on Monday on hopes that the Omicron variant of the coronavirus will have a less damaging economic impact if its symptoms prove to be mostly mild and as the prospect of an imminent rise in Iranian oil exports receded.

Brent crude rose $3.20 to settle at $73.08 a barrel. U.S. crude settled up $3.23 at $69.49 a barrel.

Despite signs of a drop in consumption, OPEC stuck to its existing policy of increasing oil supply on a monthly basis because it aims at offering stable oil supplies and because it believes that the drop is unreal and that the market should witness a recovery, Abdul-Jabbar said.

OPEC+, which consists of the Organization of the Petroleum Exporting Countries and allies including Russia, agreed to stick to the plan of boosting output by 400,000 barrels per day (bpd) per month, despite fears a release from U.S. crude reserves and Omicron would put renewed pressure on prices.- Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Iraq , oil minister , Ihsan Abdul-Jabbar , oil price , US$75 , barrel ,

   

Next In Business News

CPO futures likely to undergo technical correction next week
Econpile issues termination notice to Gabungan Strategik
Intel's US$20bil Ohio factory could become world's largest chip plant
Shrunken US oil inventories point to chronic under-supply
Royal Dutch no more - Shell officially changes name
Oil price slides, but climbs for 5th week on supply concerns
GLOBAL MARKETS-Bond yields tumble as Netflix fuels stock market sell-off
Rising interest rate fallout unlikely
Policy normalisation can lend support to ringgit
Short Position - Green bond, O&G funding, Going the EV way

Others Also Read


Vouchers