RIYADH: Iraq’s energy minister expects oil to trade at over $100 a barrel for the rest of the year, predicting its price will stay high for the next three to four years, according to Bloomberg.
In an interview, Ihsan Abdul Jabbar Ismail said this requires continued efforts of the Organization of the Petroleum Exporting Countries producers’ group to manage supply and demand.
“I would like OPEC to retain its tools to measure and control output and maintain the existing balance,” he said, adding that they will discuss that with their partners.
OPEC+ is scheduled to meet again on the Aug. 3.
Following Russia’s invasion of Ukraine last February, oil has jumped over $100 a barrel, with Brent soaring to near $140 in March.