Iraq Oil Ministry Says for Stabilization of Oil Market in 1st Half of 2017

Iraq is hoping for stabilization of the situation on the oil market in the first half of 2017 should all countries stick to cutting down crude production, Iraqi Oil Minister spokesman Asem Jihad told Sputnik.

CAIRO (Sputnik) – On November 30, the Organization of the Petroleum Exporting Countries (OPEC) agreed to impose an oil production ceiling totaling 32.5 million barrels per day to help stabilize the global oil market and raise the prices. Non-OPEC countries that expressed a desire to participate in the agreement, including Russia, are expected to curtail oil production by a total of 600,000 barrels daily.

"We expect oil prices to stabilize if everyone abides by [the OPEC agreement] in the first half of 2017," Jihad said.

According to Jihad, Iraq expects oil prices to fluctuate on the level of $60-$70 per barrel.