Middle East Online

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Iraq says oil at $75-$85 is ‘acceptable’ long-term price

Iraqi oil minister says OPEC+ is opposed to oil prices exceeding an acceptable level and is studying ways to balance the market.

BAGHDAD – The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, is opposed to oil prices exceeding an “acceptable” level and is studying ways to balance the market, Iraqi Oil Minister Ihsan Abdul-Jabbar said.

Speaking to reporters in Baghdad, he said $75 to $85 is an “acceptable” price range for a barrel of crude in the long term.

OPEC+ is “at the same time against further boosting global oil inventories, as they could lead to the collapse of oil markets,” he said.

Iraq’s government budget for 2022 should be based on an oil price of $55 to $60, he said, adding he expected exports to average 3.4 million barrels per day in October including from the northern Kurdistan region.