SULAIMANI (ESTA) — Iraq’s oil minister said he expects 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.
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.
Oil Minister Ihsan Abdul Jabbar also told journalists that “there are new projects in which there is a common interest” between Exxon Mobil and Iraq, according to Reuters.
“We expect that Exxon Mobil will remain in a certain part of Iraq in some investments, it came out only from West Qurna 1,” he added.
Iraq said last month that Exxon was seeking to sell its 32.7% stake in West Qurna 1, and that the oil ministry had started discussions over a possible purchase.
Basra Oil Company director Khalid Hamza told Reuters in an interview that Exxon was seeking to sell the share for $350 million.
But the market recovering and, in response, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers have agreed to raise output slightly from May 1.
