Oil Minister: We expect oil prices will not to be less than $70 a barrel until December 2022

Baghdad - INA 

Oil Minister Ihsan Abdul-Jabbar Ismail confirmed, today, Sunday, that oil prices will not be less than $70 a barrel until December 2022.

The Minister’s media office said in a statement received by the Iraqi News Agency (INA), that “the government and the Oil Ministry are committed to partnership with Lukoil and support it to improve the investment environment," noting that "the Minister of Oil expects oil prices to not be less than $70 a barrel until December 2022.".

The minister added, according to the statement, "We aim to protect the investment environment in the oil sector and seek to find new strategic partnerships," noting that "our relationship with BP is distinguished despite the challenges of the investment environment, and we have paid all the company's dues and debts despite the financial and economic challenges resulting from the repercussions of the spread of the Corona virus.".

He pointed out that "Iraq supports the opinion to extend the OPEC agreement to reduce production until December 2022 with the start of adding increases starting from August 2021 according to the requirements and needs of the oil market."