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Oil price to rise from $64 to $65/barrel: Iraq oil minister

Oil price to rise from $64 to $65/barrel: Iraq oil minister

BAGHDAD: Iraq’s Oil Minister Adel Abdel Mehdi has said that world oil prices were gradually rebounding and he expected to see a barrel of crude selling at around $65. “I don’t think they will return to their previous levels. I can see that oil will be sold at $64 to $65 a barrel,” he told a news conference in Baghdad.

Global benchmark Brent crude closed on Friday at $62.58 a barrel after falling as low as $45.19 in January, less than half its price in the middle of last year. OPEC producer Iraq has been hit by the slump, with revenues falling sharply just as it faces a costly military campaign against Islamic State militants who have seized large parts of the north and west of the country. Iraq’s oil revenues for February were just a fraction under $3.5 billion, on exports of 2.535 million barrels per day.