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Oil price per barrel to reach 100$ in 2022, Oil Minister says

Category: Economy

Date: 2021-10-20T11:24:05+0000
Oil price per barrel  to reach 100$ in 2022, Oil Minister says

Shafaq News/ The Iraqi Oil Minister, Ihsan Abdul-Jabbar, expected oil prices to reach $100 per barrel in the first and second quarters of 2022.

In previous statements, Abdul-Jabbar confirmed that oil prices should stabilize around the current levels, which reflects the market balance.

On the sidelines of his recent participation in the Russian Energy Week conference in Moscow, he said that the market must be balanced during the second half of this year, explaining that the fair price of oil is $85 per barrel.

It is noteworthy that Iraq depends on the oil price to reduce the budget deficit, as the 2022 budget is expected to witness an increase in the price of a barrel, estimated at $50 in 2022.

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