Iraqi oil minister: Oil market is heading in the right direction
Iraqi oil minister, Abdul Karim Luaibi, with some comments on the oil market
- Global oil market heading to stability
- Global oil inventories are falling, contributing to market stability
- Market will continue to stabilise until the end of the year
- Iraq and Kuwait has not agreed on Iraqi export gas price yet
Same usual rhetoric from OPEC's second biggest exporter. When prices are rising it's always the same speech defending the rise through fundamentals, and when it's falling it's defending the drop by blaming speculation. What else is new, eh?
Anyway, oil prices are trading a little higher on the day buoyed by weekend news that Russia and OPEC may extend production cuts beyond the current deal. WTI is up by 0.22% to $63.51 while Brent is up 0.22% to $68.76.