Moscow. December 21. The current level of oil price is “too low”, which adversely affects the producers, said the oil Minister of Iraq Adel Abdul Mahdi during the conference of Arab countries-oil producers, taking place in Cairo.
He expressed the hope that oil prices have reached their lows. “There is no doubt that oil prices will rise. The current level is too low, and this adversely affects the producers. I think the economic fundamentals of the market remain strong,” said Adel Abdul Mahdi.
“It is obvious that prices will rise. The question is when it will happen,” he added.
The Minister of energy and industry of Qatar Mohammed Saleh al Sada, is also participating in the conference, said that should not be too pessimistic to estimate prospects of oil prices.
Meanwhile, the Brent oil price fell Friday to the lowest level in 11 years. During the session, the price of February futures on Brent fell to $36,17 per barrel, the lowest intraday level since July 13, 2004.
The cost of the futures on London’s ICE Futures exchange to 8:57 MSK was $36,38 per barrel, $0.5 (1.4 per cent) below the level of the close of trading on Friday.
Futures prices for WTI crude oil for February in electronic trading on the new York Mercantile exchange (NYMEX) on Monday morning decreased by $0.34 (0.94 per cent) to us $35,72 per barrel, the lowest level since December 2008.