Iraq says crude prices to rise in secondhalf

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OPEC leader, Iraq, said the second-biggest oil producer, said the crude prices will be in the range of $68 to $75 a barrel in the second half.

The range of prices is expected because of a commitment to OPEC output cuts, Iraq's Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair.

The Organization of Petroleum Exporting Countries had predicted earlier in the week that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output. It is expected that oil consumption will jump in the first half of 2021 - or roughly 5% - while the second half will depend on oil as the world emerges from the pandemic slump, it added.

It is estimated that OPEC and its partners restored almost 40% of production they had discontinued years ago when the Coronavirus crushed demand and will meet on 1 July to examine the remaining.

Iraq announced in May that it's considering buying Exxon Mobil Corp.'s stake in one of the world's largest fields. When he was asked about Exxon's status, he said it hasn't yet registered outside West Qurna 1 field as the country is still studying the alternative.

The retreat of Exxon and its oil majors won't stop the burning of fossil fuel. Read

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