BAGHDAD, Sept 27 — Iraq Oil Minister Ihsan Abdul Jabbar on Monday said the Organization of the Petroleum Exporting Countries and allies including Russia, known as Opec+, are monitoring the oil price situation, wanting to have a balance in the markets.
Oil prices fell US$2 a barrel on Monday, settling at nine-month lows in choppy trade, pressured by a strengthening dollar as market participants awaited details on new sanctions on Russia. “We entered a challenging period. Global factors led to the decrease [in oil prices], most importantly lower growth and higher inflation rates,” Abdul Jabbar said.
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