Iraq Oil Minister: $75-$80 is fair oil price to producers and consumers

Iraqi oil minister argued on Monday $75-$80 per barrel is a fair oil price to producers and consumers, as reported by Reuters. Currently, the barrel of Brent is trading at $82.25, losing 0.35% on a daily basis.

The minister further added that they are aiming to reach an oil production capacity of 8 million barrels per day by the end of 2027.

Market reaction

The barrel of West Texas Intermediate (WTI), which touched a multi-year high of $79.76 earlier in the day, stays in a consolidation phase and was last seen losing 0.55% on the day at $78.60.