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