A global crisis drives up oil prices. Iraq is “ready” to increase production

In an interview with “Bloomberg”, Iraqi Petroleum Minister Ihsan Abdul-Jabbar expected an increase in demand for oil due to the natural gas supply crisis which is forcing consumers to research fuel types. alternative.

The minister indicated that Iraq is “ready” to pump more crude if the increase in consumption demands it, and said: “If there is an agreement within OPEC, we will be ready. “.

This year, oil prices have risen by around 45% as major economies gradually recover from the Corona virus pandemic and due to lack of supplies from the Organization of the Petroleum Exporting Countries (OPEC).

U.S. crude prices rose on Wednesday as domestic stocks fell to their lowest level since October 2018, amid a global energy crisis.

Bloomberg said New York futures rose 2.5% on Wednesday, while crude inventories fell for the seventh week in a row to around 414 million barrels, according to the Energy Information report. Administration.

“The focus is again on supply and demand. There will likely be less supply. There is real concern about winter demand,” said Phil Flynn, chief market analyst at Price Futures Group.

U.S. crude prices rose this month, after U.S. supplies were disrupted due to weather conditions and high natural gas prices.

And the “Goldman Sachs” group expected the price of crude oil to hit $ 90 a barrel if the winter in the northern hemisphere was colder than usual.

Gas prices this month in Europe and Asia hit the equivalent of about $ 155 a barrel of oil, as shortages of coal and wind power increased demand.

The International Energy Agency has called on Russia, which is the European Union’s largest supplier of natural gas, to supply more gas to Europe to help reduce high energy prices.

The Paris-based organization said Russian exports had fallen from their 2019 level, believing it “is in a position to do more to increase gas supplies in Europe and increase stocks for the next one. winter heating season “.