March 1, 2015 / 3:28 PM / in 3 years

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

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.

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

“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

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