SULAIMANI (ESTA) — Iraq’s oil minister said on Wednesday crude oil prices could reach $100 per barrel in first half of 2022.
Minister Ihsan Abdul Jabbar said the oil prices could rise to $100 a barrel in the first or second quarter of next year as global inventories are at their lowest level.
On Sunday, Iraqi oil ministry’s spokesman Asim Jihad said an oil price above $80 is a “positive indicator” but needs long term stability.
Brent crude was trading at $84 per barrel on Wednesday.
Abdul Jabbar said on Oct. 6 that oil at $75-$80 per barrel was a fair price for producers and consumers.
On October 4, OPEC, Russia and their allies, known as OPEC+, resisted calls to raise output faster and stuck to its plan for a 400,000 barrel-per-day increase for November.
That sent crude prices to three-year highs, adding to inflationary pressures globally.
