For Free Headlines Submit Your Email
Saturday, April 20, 2024 5:47 GMT
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 futures for November settled down at US$84.06 a barrel, while US West Texas Intermediate (WTI) crude 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.