Crude oil prices ''cannot continue'' at current levels now which are considered too low, an Iraqi government official has said.
Crude oil prices ''cannot continue'' at current levels now which are considered too low, an Iraqi government official has said.
OPEC may look into an output cut at the cartel's next meeting on March 15, according to Iraqi Oil Minister Hussain Al Shahristani on Saturday.
''Oil prices cannot continue at these low levels. The oil market has slowly and gradually picked up in the last two months. We hope it will continue,'' Shahristani told reporters.
''OPEC producers might look into an oil cut in Vienna if there's a surplus with no demand,'' he said.
The oil cartel had agreed to cut production by a total of 4.2 million barrels per day (bpd) since last September in a bid to boost oil prices.
Light sweet crude for April delivery gained $1.91 to close at $45.52 per barrel in New York last Friday.
''So far the quantities of production are more than demand. There's a big drop in demand and so when the present production is more than the supply there is no choice but to reduce production,'' Shahristani said.
He added non-OPEC producers need an oil price of $70 per barrel to be able to continue production.
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