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Iraq sees Brent dropping to $65/bbl

Oil prices traded lower this morning, extending the trend seen at the end of last week. By the time of writing, Brent was down 1.5% to $74/bbl, while WTI was off 2%, below $71/bbl.

Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said in an interview that the Brent price could stabilize at $65/bbl, which implies a fairly strong pullback in prices, comparable to the fall of 2020. Market concerns were exacerbated by Friday’s Baker Hughes report, which showed an increase of 10 units in the weekly oil rig count to 411.

Our Brent price forecast for today is in the range of $ 72.8-73.5/bbl.

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