Oil prices are set to recover beginning in the second quarter next year, helping Iraq’s oil industry and its plans to increase production capacity, Iraqi Oil Minister Ihsan Abdul Jabbar said at a virtual conference on Tuesday. Currently, the OPEC+ production cuts are delaying oil projects in Iraq, Jabbar said at the online CWC Iraq Petroleum conference. Next year could be more constructive for oil prices, according to the minister. “I think quarter two, 2021 will be more attractive to every aspect of our business,” Jabbar said, as carried by Reuters. OPEC’s second-largest producer Iraq, which has long planned to significantly boost its oil production capacity, should increase the capacity to 7 million barrels per day (bpd) within six years, compared to its current production capacity of some 5 million bpd, the Iraqi oil minister said. Last week, Jabbar said that Iraq expects the pressure on oil prices to […]