Iraq cannot afford low oil prices Iraq seeking supply-demand stability OPEC is working in a ‘positive’ manner Iraq expects the price of oil to rebound and rise above $75/b in the coming months because current prices are “inappropriate” for producers, the country’s oil minister said Dec. 6, as OPEC+ sticks to its plan to boost output by 400,000 b/d in January.
“I think the current oil price is an inappropriate price for producers,” Ihsan Ismaael told the Iraqi state-run TV. “I expect it to return to stability in the coming months. I believe we will recover from this crisis and return to normal levels… hopefully to above $75/b.” S&P Global Platts assessed Dated Brent at $72.19/b Dec. 6, up 0.38% from Dec. 3. Iraq, OPEC’s second biggest producer, cannot afford a drop in oil prices and […]