Oil prices could reach $80 per barrel, Iraq’s oil ministry says

Oil prices could reach $80 per barrel, Iraq’s oil ministry says

Iraq, Opec's second-biggest producer, expects oil prices to reach $80 per barrel as the energy market stabilises.

"We are optimistic about the rise in prices, but we are counting on its stability," expecting that "prices will exceed $70 and reach $80 per barrel", Aseem Jihad, a spokesman for the oil ministry told Iraqi News Agency.

He did not provide a timeline for when he expected prices to reach $80 per barrel.