Iraq’s OPEC official: we are not targeting oil prices, we target market balance

Iraq’s Organization of the Petroleum Exporting Countries (OPEC) official was on the wires last hour, via Reuters, expressing his take on the recent oil-price increase.

Key Headlines:

We are hitting our oil inventory target.

We are going back to the 5-year average.

We are not targeting oil prices, we target market balance.

High oil price is not always in our benefit.