Oil Minister sets price of a barrel, expects crude to reach $100

  • 20-10-2021, 14:05
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    Oil Minister Ihsan Abdul-Jabbar set on Wednesday, the price of a barrel in the 2022 budget, while he expected crude to reach $100.
    The Minister of Oil said during a workshop held today at Al-Rasheed Hotel and attended by the reporter of the Iraqi News Agency (INA): "The central government will fix the price of a barrel of oil in the 2022 budget between 55 to 60 dollars," noting that "this will help make changes and significantly improve the performance of the national economy." 
    Abdul-Jabbar expected, "The price of a barrel of crude oil will reach $100, in the first quarter of next year, affected by the decline in the US and global strategic stocks and the recovery of the global economy from the repercussions of Covid 19."

    He added that , "Schlumbinger, which is implementing for ExxonMobil company, the main operator of the West Qurna 1 field, by using modern technology in drilling operations in West Qurna 1, helps all parties in the Ministry of Oil and licensing companies to reduce the costs of production per barrel and improve productivity."
    Minister of Oil expressed his optimism about “a great development in the oil industry, especially since it has entered a new positive phase that competes with companies producing alternative solar energy and green and blue nitrogen fuels,” noting that “giant companies have spent billions of dollars on establishing infrastructures to manufacture modern equipment and devices, in addition to batteries and other materials used in the alternative energy industry.

    For his part, Vice-President of Schlumberger Saad Al-Damen said that "preparations are underway to launch drilling operations in the largest extractive project, which will be implemented according to the latest technology that will work in the project and the preparation and installation of the information system and software rules for its management in the Basra Oil Company."