SULAIMANI (ESTA) — Iraqi oil minister Ihsan Abdul Jabbar said on Sunday oil prices reaching $100 a barrel will not be sustainable.
The Iraqi minister said in a TV interview with Skynews Arabic that the Organization of the Petroleum Exporting Countries (OPEC) wants stable markets, as oil prices have been risen amid supply disruptions and recovering global demand.
OPEC and allies including Russia, a group known as OPEC+, is scheduled to meet on Monday.
The group is facing pressure from some countries to produce more to help lower prices as demand has recovered faster than expected in certain parts of the world, according to Reuters.
The group agreed in July to boost output by 400,000 barrels per day every month until at least April 2022 to phase out 5.8 million bpd of existing cuts.
The Iraqi oil minister further said he was working on a programme to raise the country’s oil output capacity to 8 million barrels.
He called it a balanced capacity, according to Reuters.
Abdul Jabbar further said Iraq aimed for its gas production to reach 4 billion cubic feet before 2025.
