Iraq minister sees oil at $64 to $65 per barrel

Sun Mar 1, 2015 10:41am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

BAGHDAD (Reuters) - Iraq's Oil Minister Adel Abdel Mehdi said on Sunday world oil prices were gradually rebounding and he expected to see a barrel of crude selling at around $65.

"I don't think they will return to their previous levels. I can see that oil will be sold at $64 to $65 a barrel," he told a news conference in Baghdad.

Global benchmark Brent crude closed on Friday at $62.58 a barrel after falling as low as $45.19 in January, less than half its price in the middle of last year.

OPEC producer Iraq has been hit by the slump, with revenues falling sharply just as it faces a costly military campaign against Islamic State militants who have seized large parts of the north and west of the country.

Iraq's oil revenues for February were just a fraction under $3.5 billion, on exports of 2.535 million barrels per day.

(Reporting by Ahmed Rasheed; Writing by Dominic Evans; Editing by Rosalind Russell)

 
Iraq's Oil Minister Adel Abdel Mehdi speaks with Kirkuk Governor Najmaldin Karim on the outskirts of Kirkuk  February 2, 2015.  REUTERS/Ako Rasheed