BAGHDAD, Sept 27 — Iraq Oil Minister Ihsan Abdul Jabbar on Monday said the Organization of the Petroleum Exporting Countries (Opec) and allies including Russia, known as Opec+, are monitoring the oil price situation, wanting to have a balance in the markets.
“We don’t want a sharp increase in oil prices or a collapse,” he said in a televised interview on state TV.
Oil prices fell US$2 a barrel on Monday, settling at nine-month lows in choppy trade, pressured by a strengthening dollar as market participants awaited details on new sanctions on Russia.
Brent crude LCOc1 futures for November settled down at US$84.06 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 for November delivery dropped to US$76.71.
“We entered a challenging period. Global factors led to the decrease [in oil prices], most importantly lower growth and higher inflation rates,” Abdul Jabbar said.
Opec+, has this year ramped up oil output, looking to unwind record cuts put in place in 2020 after the pandemic slashed demand.
However, Opec+ in recent months has failed to achieve its planned output increases due to underinvestment in oilfields by some Opec members and by losses in Russian output. — Reuters
