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[size=30]The expectations of the Iraqi Oil Minister violate Goldman Sachs on oil prices during the second half of this year
2021-06-13
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Yes Iraq: Baghdad
Iraqi Oil Minister Ihsan Abdul-Jabbar said today, Sunday, that he expects oil prices to not exceed $75 a barrel and not less than $68 during the second half of the year, with OPEC and its allies adhering to the production ceiling.
He added to reporters, "There are new projects in which there is a common interest between the two sides, and we expect that ExxonMobil will remain in a certain part of Iraq in some investments, and it came out only from West Qurna 1 and it actually did not come out and in light of studying the alternative."
Earlier, US investment bank Goldman Sachs expected Brent crude prices to reach $80 a barrel this summer, betting that the oil market's recent rally will continue, as the distribution of vaccines against the Corona virus boosts global economic activity and demand for crude.
In a related context, oil prices rose to their highest levels in several years again on Friday, to record the third week of gains in a row, supported by the improvement in global demand expectations, as the increase in vaccination activity leads to the lifting of restrictions related to the pandemic.
Brent crude futures rose 17 cents, to a settlement price of $72.69 a barrel, after hitting their highest level since May 2019. Brent achieved a weekly rise of 1%.
US West Texas Intermediate crude futures advanced 62 cents to $70.91 a barrel, to be settled at their highest level since October 2018, a rise of 1.9%, during the week.
"The pace of demand returning is outpacing the pace of supply returning, and we're going to need more supply to meet that demand," said Phil Flynn, senior analyst at Price Futures Group in Chicago.
The International Energy Agency said in its monthly report that the Organization of the Petroleum Exporting Countries and its allies, within the framework of the OPEC + group, will need to increase production to meet demand that is set to recover to pre-pandemic levels by the end of 2022.
And the Paris-based agency revealed, "OPEC + needs to increase production so that global markets receive sufficient supplies."
She said the rising demand and the countries' short-term policies contrast with the agency's call to end new financing for oil, gas and coal.
“In 2022, there is scope for the 24 members of the OPEC + group, led by Saudi Arabia and Russia, to increase crude supplies by 1.4 million barrels per day above their target for the period between July 2021 and March 2022.”
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