December 23, 2018 / 8:10 AM / 6 months ago

Iraq Oil Minister sees improvement in oil prices early next year

FILE PHOTO: Iraq's Oil Minister Thamir Abbas Al Ghadhban talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018. REUTERS/Leonhard Foeger

KUWAIT (Reuters) - Iraq’s oil minister said on Sunday he expects “an improvement” in oil prices at the beginning of next year, after the implementation of the OPEC and non-OPEC decision to curb production made earlier this month.

“We are optimistic that the current fall in prices will stop because there is no more oversupply in the market,” said Thamir Ghadhban at a meeting of the Organization of Arab Petroleum Exporting Countries in Kuwait.

Qatar’s energy minister said it was a difficult period for oil prices.

“There’s an oversupply of stock,” said Saad al-Kaabi, pumped from some countries including Saudi Arabia, “with no justfication”

Reporting by Ahmed Hagagy, Writing by Nafisa Eltahir; Editing by Kirsten Donovan

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