Comments by Iraq oil minister Thamir Ghadhban

  • Prices are to improve gradually
  • Any decision related to further OPEC cuts depends on monitoring price developments

Oil has certainly started the year on the right track but to say that the declines have completely stopped may be a little premature at this point. Sure, short covering and improved risk sentiment is helping to lift prices now but I would wait for a move back above $55 to $55.55 to reaffirm that oil won't retrace lower in the first quarter of the year.