SULAIMANI (ESTA) — Oil prices, which hit their highest in years recently, are unlikely to rise further, Iraqi Oil Minister Ihsan Abdul Jabbar said on Wednesday.
“The market should be balanced,” Jabbar told an energy conference in Moscow, when asked if OPEC+ should produce more oil than planned, according to Reuters.
“We think the price won’t be higher,” he said.
Last week, the Organization of the Petroleum Exporting Countries, 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 (bpd) increase for November.
That sent crude prices to three-year highs, adding to inflationary pressures globally.
Brent crude was trading at $83 per barrel on Wednesday.
Sources close to OPEC+ told Reuters the group stuck to its original plan partly due to concerns that demand and prices could weaken.
