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Iraq says oil price above $80 is ‘a positive indicator’

by Mike Robinson

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© Reuters. FILEPHOTO: Seoul’s petrol station, June 27, 2011. REUTERS/Jo Yong Haak/File Photograph

(Reuters) – A spokesperson for the Iraqi oil ministry stated that an oil price of more than $80 was a “positive indicator”, but long term stability is needed.

According to Asim Jihad, the oil ministry stated that Iraq aims at achieving the greatest financial revenue by committing itself to the OPEC+ deal.

He also stated that there are still challenges in the global oil market due to incomplete containment of the coronavirus variants and the coronavirus.

OPEC+ remained true to its commitment of increasing production by 400,000 bpd per month earlier this month. This is despite the fact that it was reversing production cuts.

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