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

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

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
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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US, Chinese Officials Start Geneva Talks on Easing Trade War

US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
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US, Chinese Officials Start Geneva Talks on Easing Trade War

US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)

China's vice premier He Lipeng held talks with US Treasury Secretary Scott Bessent early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks.
Bessent and US Trade Representative Jamieson Greer were due to meet He in Geneva after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%.
The trade dispute, combined with US President Donald Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn.
US President Donald Trump said on Friday an 80% tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145% levies imposed on Chinese imports.
The location of the talks has been kept secret, although a witness saw over a dozen police cars outside a private residence in a leafy Geneva suburb.
Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of Lake Geneva.
Earlier, a delegation of over a dozen US officials, including Bessent and Greer, were seen smiling and wearing red ties and American flags on their lapels as they left their hotel. Bessent declined to speak to reporters.