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Middle East

Iraq expects oil prices to reach $80/bbl - state news agency

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FIILE PHOTO: A view shows the Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. REUTERS/Essam Al-Sudani

DUBAI, June 20 (Reuters) - Iraq expects oil prices to reach $80 per barrel, the country’s state news agency reported on Sunday, citing an oil ministry spokesman.

The spokesperson, Asim Jihad, did not give a timeframe for the increase he predicted.

Crude prices have been on the rise over the past weeks, settling over $70/barrel on Friday, amid expectations of limited growth in U.S. oil output this year. read more

Reporting by Maher Chmaytelli, editing by Louise Heavens

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