SULAIMANI (ESTA) — Iraq expects oil prices to reach $80 per barrel, spokesman of the Iraqi oil ministry said on Sunday, according to state news agency.
The spokesperson, Asim Jihad, did not give a timeframe for the increase he predicted.
Crude prices have been on the rise over the past weeks, settling over $70/barrel on Friday, amid expectations of limited growth in U.S. oil output this year.
For Iraq, OPEC’s second-largest producer, oil revenue represents at least 95% of its income. It has been hit by the collapse in demand and oil prices last year, caused by the COVID-19 pandemic.
Iraq’s oil revenue rose to $5.88 billion in May as it sold crude at an average of $65.46 per barrel, up from $62.5 in April.
On June 13, Iraq’s oil minister Ihsan Abdul Jabbar said he expected oil prices to range between $68 and $75 per barrel during the second half of this year if OPEC abides by set production output to protect markets.
