Iraq, OPEC’s second-largest oil producer, said crude prices would hover between $ 68 and $ 75 a barrel in the second half of the year.
The price range is expected due to a commitment to OPEC + production has declined, Iraqi Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair.
The Organization of the Petroleum Exporting Countries had predicted earlier in the week that the recovery in global oil demand would strengthen in the second half of the year, as the group prepares to consider reviving more interrupted production. Oil consumption will increase by around 5 million barrels per day – or about 5% – in the second half of 2021 compared to the first as the world emerges from the pandemic crisis, he added.
OPEC and its partners have restored nearly 40% of production they shut down when the coronavirus crushed demand a year ago, and will meet on July 1 to consider relaunching the rest.
Iraq said in May it was considering buying The participation of Exxon Mobil Corp. in one of the largest deposits in the world. Asked about Exxon’s status, he said he had yet to withdraw from the West Qurna-1 field as the country was still studying the alternative.
Lily: Exxon and oil majors’ retirement won’t stop fossil fuels
– With the help of Khalid Al Ansary
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