Iraqi Oil Minister Says Oil at $75-$80 a Barrel Fair to Producers, Consumers

Iraqi Oil Minister Says Oil at $75-$80 a Barrel Fair to Producers, Consumers

Iraq's oil minister said that oil at $75-$80 a barrel was a fair price for producers and consumers, adding that his country was seeking to expand its production and export capacity in the coming years.

Oil prices traded above $83 a barrel on Wednesday, their highest since October 2018, amid a global energy crunch and a decision by the Organization of the Petroleum Exporting Countries and its allies to stick to a small increase in production next month.

Ihsan Abdul Jabbar told the Energy Intelligence Forum that Iraq aims to raise its oil production capacity by some 3 million barrels per day (bpd) to 8 million bpd by the end of 2027.

The OPEC member is also targeting raising its crude export capacity to 6 million bpd from 4 million bpd now by the end of 2024.

He added that talks with US oil major Chevron Corp (CVX.N) on developing the Nassiriya oilfield, which is estimated to hold about 4.4 billion barrels of crude, could reach final agreement in the next few weeks.

He said that the Iraqi National Oil Company (INOC) will hold a stake of no less than 40 percent in the joint partnership with Total Energies (TTEF.PA) in a project the French