The Iraqi Oil Minister Considers The Price of Oil Between 75 and 80 Dollars

The Iraqi Oil Minister said that the price of oil between 75 and 80 dollars per barrel is a fair price for producers and consumers, adding that his country seeks to raise its production and export capacity in the coming years.

Oil prices topped $83 a barrel on Wednesday, their highest level since October 2018, amid a global energy stalemate and a decision by the Organization of the Petroleum Exporting Countries and its allies to stick to a slight increase in production next month.

Ihsan Abdul-Jabbar said at the Energy Intelligence forum that Iraq aims to increase its oil production capacity by about two million barrels per day to eight million barrels per day by the end of 2027.

The OPEC member also aims to increase its crude export capacity to 6 million barrels per day by the end of 2024 from 4 million barrels per day now.