SULAIMANI (ESTA) — Iraqi oil minister Ihsan Abdul Jabbar said he expects oil prices to reach over $75, as prices extended gains after concerns about the impact of the Omicron variant eased.
The Iraqi minister said OPEC was trying to “control the energy market, in a positive way” that maintains the interests of all parties, consumers and producers, according to Reuters.
He added that current oil prices were unfitting for producers and that he expects them to return to a stable level in the coming months.
He made the comments during an interview with state TV on Monday.
Oil climbed more that 4% on Monday on hopes that the Omicron variant of the coronavirus will have a less damaging economic impact if its symptoms prove to be mostly mild and as the prospect of an imminent rise in Iranian oil exports receded.
Brent crude rose $3.20 to settle at $73.08 a barrel. U.S. crude settled up $3.23 at $69.49 a barrel.
