OPEC+ oil deal will lower inventories and stabilise prices -Iraqi oil minister

OIL PRICE - BAGHDAD. The OPEC+ group's agreement to extend oil production cuts until the end of the first quarter of 2020 will lower oil inventories, help stabilise the market and address price volatility, Iraqi Oil Minister Thamer Ghadhban said on Wednesday.

Asked about OPEC's position on prices, Ghadhban said that the general view was that $70 per barrel or higher was acceptable, adding that the producer group is seeking prices that are fair to consumers and producers alike.

Iraq hopes that navigation in the Strait of Hormuz remains open, said Ghadhban, who was speaking on the sidelines of an energy conference in Baghdad.