Iraqi expectations of oil prices ranging between 53 - 54 dollars a barrel

Shafaq News / Former Minister of Oil , Ibrahim Bahr Al-Ulum predicted that global oil prices will range between 53 and 54 dollars a barrel, and that OPEC countries would make a decision to reduce the quantities offered by them during their meeting next month, and that Iraq has a share in this reduction, urging the next government to implementing the fifth licensing round and developing Kirkuk and Nasiriyah fields to advance their production.

The semi-official, Al-Sabah, newspaper quoted in its Monday edition of Bahr Al-Ulum as saying that oil prices in the world market are declining for two reasons. The first is the reduction in economic growth in China as a result of the Corona virus, which is a temporary situation that will soon be overcome, and the second is the increase in oil production for the United States, noting that the two reasons will force the (OPEC) countries to meet next month to reduce production again once more than it is, and Iraq will bear part of it.

He added that the international oil prices will range between 53 and 54 dollars a barrel, hoping that it will not decline for more than that, because the matter depends on the (geopolitical) conditions of the country and the region, especially for Iraq, where most of its exports go to Asian markets, led by China, therefore any impact will affect exports and markets generally.