Iraq’s Opposes Unjustified Oil Output Increase

Iraq’s oil minister said, Tuesday, that his country policy in OPEC is based on reservations about the unjustified increase in production.

Minister Ihsan Abdul-Jabbar added that the contract signed with France’s Total would generate more than USD 85 billion in profits for Baghdad over 20 years.

Total will build four giant energy projects in southern Iraq under a $27 billion deal signed in Baghdad on September.

Iraq expects the price of oil to rebound and rise above $75/b in the coming months because current prices are inappropriate for producers, the country’s oil minister said Monday, as OPEC+ sticks to its plan to boost output by 400,000 b/d in January.

“I think the current oil price is an inappropriate price for producers,” Ihsan told the Iraqi state-run TV. “I expect it to return to stability in the coming months. I believe we will recover from this crisis and return to normal levels… hopefully to above $75/b”, he added.

Iraq, OPEC’s second biggest producer, cannot afford a drop in oil prices and is seeking stability between supply and demand.