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Iraq Says Oil Prices Above $80 is 'a Positive Indicator'

Iraq Says Oil Prices Above $80 is 'a Positive Indicator'

Monday, 18 October, 2021 - 09:30
A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo

Iraq's oil ministry spokesman said that an oil price above $80 is "a positive indicator" but needs long-term stability.

The oil ministry cited Asim Jihad on its Telegram channel as also saying that Iraq aims to achieve the highest financial revenues by committing to the OPEC+ agreement.

He added that the challenges of the global oil market are still present due to not fully containing the coronavirus and its variants.

Earlier this month, OPEC+ stuck to its agreement of increasing production by 400,000 bpd a month as it unwinds production cuts.

In the meantime, Minister of Oil Ihsan Abdul-Jabbar “emphasized the importance of working on increasing transparency and sharing information on oil activity between the government and the Kurdistan Regional Government regarding oil activity and the revenues generated from it."

During his meeting with Kurdistan’s Minister of Natural Resources Kamal Atroshi, Abdul-Jabbar emphasized the importance of “working together for an optimal investment of natural and hydrocarbon resources throughout Iraq to support and promote the national economy,” according to a statement issued by the Iraqi oil ministry.

Abdul-Jabbar also said that both sides should work together to invest in clean energy and reduce emissions.

For his part, Atroshi said that Kurdistan and the ministry are willing to cooperate with the federal government to boost cooperation for the sake of developing the oil industry.

Iraq’s Ministry of Oil announced the conclusion of maintenance at the Khawr Al Amaya Oil Terminal (KAAOT), at a time when Basrah Oil Company inaugurated a new ship specialized in dealing with oil leakages.

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