Oil Market Will Rebalance By March: Iraqi Minister

27 Dec 2017   Iraq, OPEC

With what has now become habitual optimism, the Iraqi oil minister, Jabar al Luaibi, said he expected the global oil market to rebalance by the end of the first quarter of 2018. That’s despite Iraq’s own inability to reach the production quota assigned it by the cartel last year. “I am optimistic, and during the first quarter of next year there will be more balance between supply and demand, which will reflect positively on improving global oil prices,” Al Luaibi told media, noting that global crude oil inventories had already been reduced to more palpable levels from a massive overhang in 2014. The minister, however, acknowledged that a further rise in U.S. oil production this month “might” have an effect on prices. That statement comes after earlier this month Al Luaibi said he expected Iraq’s oil production to hit 5 million bpd in the first quarter of 2018: around […]

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