Tuesday, March 19, 2024

Baghdad

Oil Minister expects crude price to rise again soon

Oil Minister expects crude price to rise again soon

Baghdad (IraqiNews.com) The Minister of Oil, Adil Abdul-Mahdi assured that “the demand for crude oil is going to rise by the global markets.”

We had expected that the oil price will rise in the world markets after it dropped too much, Abdul-Mahdi said noting “the rise in the oil price happens if the demand exceeds the usual averages, and so the demand will rise by the global markets in the near future.”

The oil price has risen by two dollars on Saturday encouraged by the unrest in Libya and its poor production of oil and the reduce of US drill rigs, besides the decline of the high-cost field investments, in addition to lack of oil shale projects.

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