Iraq to Increase March Oil Supplies

Iraq has scheduled additional oil deliveries to the market in March, taking into account forecasts of high demand, said Ali Nizar, deputy head of state-owned SOMO, Reuters reported.

He also stressed that on average, Iraq supplies the market with 3.2 million barrels of oil per day in January. In February, this figure will rise to 3.3 million BPD.

As for forecasts for oil prices to rise to $100 per barrel, according to Ali Nizar, it is too early to draw any conclusions. He noted that any increase in value would not be sustained, but OPEC was closely watching how events unfolded.

Oil prices have been holding at multi-year highs for the second week. According to experts, the growth is due to high demand and despite the spread of a new strain of coronavirus.

The price of Brent crude on the London ICE exchange was $87.78 (-0.125%) per barrel, US WTI was trading at $84.98 (-0.188%) per barrel.

JPMorgan analysts predicted a rise in quotations to $100 per barrel by the third quarter, against the backdrop of a reduction in raw material reserves and a lack of supply due to underinvestment in the sector.

However, according to experts, the escalation of tension between Russia and Ukraine could lead to a jump to $150 per barrel.

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