Iraqi Oil Minister Ihsan Abdul Jabbar expects oil prices to reach around $60 in the second quarter of 2021, he said in an interview with Iraq’s Sharqiya TV on Friday.
The minister added that in past meetings he had asked Opec members to allow Iraq to postpone compensating for earlier overproduction and this had helped to “bring back hope to Iraq’s economy”.
“Iraq will stay committed to Opec decisions and compensate its overproduction”, he said in the interview.
Abdul Jabbar said Saudi Arabia’s voluntary output cut of 1mn bpd helped to prevent oil market from collapsing.
On Friday, Brent fell $1.32, or 2.3, to settle at $55.10 a barrel and US West Texas Intermediate crude settled down $1.21, or 2.3%, at $52.36 a barrel.
Abdul Jabbar affirmed Iraq’s commitment to the Opec+ reduction decision and the compensation of its overproduction share in a statement on Saturday.
The minister added that Iraq has no intention to negotiate with Opec+ members regarding its oil production share or compensation of overproduction.