Everybody knows that Iraq frequently provides the global community with new forecasts about the future of oil prices. This time, Iraqi Oil Minister Ihsan Abdul Jabbar announced that oil would trade at $100 per barrel. For some people, it is common knowledge since crude has been trading above this level for the better part of the year already. However, for others, it came as a real surprise.
Acting as an oil pricing expert in the global oil market, Iraqi Oil Minister Ihsan Abdul Jabbar said that the commodity would exceed $100 per barrel. He supposes that oil prices would stay high for the next few years. Iraq’s energy minister emphasized that the expected situation would “require the continued efforts of the OPEC+ producers’ group to manage supply and demand.” “I would like OPEC to retain its tools to measure and control output and maintain the existing balance,” Ihsan Abdul Jabbar said in an interview. “We will discuss that with our partners.”