Iraq’s Oil Minister Thamer Ghadhban said yesterday that his country will ensure the stability of the oil market by continuing the flow of crude oil, describing the current crude price as “fair”, the Anadolu Agency reported.
Ghadhban made the remarks at a press conference in Baghdad, after officially taking over the position from Jabbar Luaibi.
“We will do our best to stabilise the market. The crude oil price is fair. It’s not too high, it’s not $100 per barrel and it’s not $30,” he said.
Ghadhban pointed out that his ministry will facilitate the work of international oil companies that develop the Iraqi oil fields, adding that the ministry will also focus on developing oil refineries to fill the local need for oil derivatives.
Iraq, OPEC’s second largest oil producer after Saudi Arabia, has a production capacity of about 4.65 million barrels per day. The country plans to increase production capacity to 6.5 million bpd by 2022.
