Iraqi oil minister expects prices to rise over time

Iraqi Oil Minister Thamer Ghadhban said on Monday he expected the fall in oil prices to stop and for prices to rise over time, adding that if OPEC had not cut production, prices would have reached $45-50 per barrel.

Speaking at a ministry event in Baghdad, Ghadhban said the recent fall in Iraqi exports was not due to technical reasons, as Iraqi oil fields have high capacity, but rather because of weather conditions.