Iraq Oil Minister sees improvement in oil prices

Ghadhban talks to journalists at the beginning of an OPEC meeting in Vienna, Austria. — Reuters photo

KUWAIT: Iraq’s oil minister said yesterday he expects “an improvement” in oil prices at the beginning of next year, after the implementation of the Organisation of Arab Petroleum Exporting Countries (Opec) and non-Opec decision to curb production made earlier this month.

“We are optimistic that the current fall in prices will stop because there is no more oversupply in the market,” said Thamir Ghadhban at a meeting of the OPEC in Kuwait.

Qatar’s said it was a difficult period for oil prices.

“There’s an oversupply of stock,” said Saad al-Kaabi, pumped from some countries including Saudi Arabia, “with no justification”. — Reuters

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Source: Borneo Post Online

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