Iraqi oil minister Abdul Kareem Luaibi said yesterday that Organisation of the Petroleum Exporting Countries (OPEC) believed that oil price was approaching $120 per barrel but was not likely to go higher, a level that was “acceptable” and which would not hinder global growth.
“Global oil prices are moving towards $120 a barrel. We consider this an acceptable price that will not harm global growth,” Luaibi told a news conference in Baghdad. “We think the price will not exceed USD 120 per barrel.”………………………………………Full Article: Source