Iraqi oil minister expects crude prices to improve

Media In \ Agencies 23-12-2018

Iraqi Oil Minister Thamir al-Ghadhban said he expected oil prices to “improve” early next year, with OPEC’s decision to cut output and independent producers earlier this month.
“There is not much stock left in the market, so we are optimistic that this rapid decline will stop,” Ghadhban told a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Kuwait.
He pointed out that the decisions taken by OPEC and oil-producing countries outside the Organization in December “will take effect in the coming year, and will positively affect the cessation of this decline.”
OPEC and other oil producers, including Russia, agreed this month to cut production by 1.2 million bpd, in an effort to dispose of stocks and boost prices.