Crude oil prices forecast to rise

File photograph. Free Images

File photograph. Free Images

Published Dec 21, 2015

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Crude prices were set to rise from current “very low” levels that were hurting producers, Iraq’s Oil Minister Adel Abdul Mahdi said on Sunday after a meeting of Arab petroleum-exporting nations.

Abdul Mahdi, whose country is the second-biggest producer in oil cartel Opec, did not forecast when prices would rebound from an almost seven-year low for Brent.

Qatar’s Energy Minister Mohammed Al Sada said before the meeting in Cairo there was no need to be pessimistic about prices.

“There is no doubt that oil prices will rebound,” Abdul Mahdi said after the meeting.

“This current level is too low, and it’s affecting oil producers. I think economic factors and fundamentals are still strong.”

Bloomberg

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