Iraqi Oil Minister Ihsan Abdul Jabbar on Monday said he expected to see the oil price reach $50 per barrel in early 2021
CAIRO (Pakistan Point News / Sputnik - 31st August, 2020) Iraqi Oil Minister Ihsan Abdul Jabbar on Monday said he expected to see the oil price reach $50 per barrel in early 2021.
Earlier in the day, the oil price reached the maximum level since March following the news of the United Arab Emirates cutting its shipments, as well as the release of positive economic statistics coming from China.
"We expect the oil price to reach the mark of $50 per barrel within the first quarter of 2021 unless the coronavirus once again becomes as active [as before]," Jabbar told the Iraq News Agency.
As of Monday, November futures for Brent are trading above $46 per barrel, while October futures over $43 per barrel.
