“We don’t want a sharp increase in oil prices or a collapse,” he said in a televised interview on state TV.
Oil prices fell $2 a barrel on Monday, settling at nine-month lows in choppy trade, pressured by a strengthening dollar as market participants awaited details on new sanctions on Russia. read more
Brent crude futures for November settled down at $84.06 a barrel, while U.S. West Texas Intermediate (WTI) crude for November delivery dropped to $76.71.
“We entered a challenging period. Global factors led to the decrease [in oil prices], most importantly lower growth and higher inflation rates,” Abdul Jabbar said.
OPEC+, has this year ramped up oil output, looking to unwind record cuts put in place in 2020 after the pandemic slashed demand.
However, OPEC+ in recent months has failed to achieve its planned output increases due to underinvestment in oilfields by some OPEC members and by losses in Russian output. read more