Iraq: oil may rise to $150 per barrel

The price of oil on the world market may reach $150 per barrel in the coming months. This was stated by Iraqi Foreign Minister Fuad Hussein in an interview on the sidelines of the UN General Assembly.

And there are significant risks here: if oil prices rise in winter, it will hit the economies of countries that do not produce oil. In addition to the seasonal factor of rising prices for hydrocarbons, the Iranian politician noted the impact of anti-Russian sanctions on the cost of oil. 

On Tuesday, the commodity asset is steadily growing after yesterday's fall to the level of $82.46: the current Brent quote is $85.54 per barrel. The driver of growth is concerns due to a reduction in supply on the market.

Also, traders continue to monitor the gathering strength of Hurricane Jan in the Gulf of Mexico. Chevron Corp has already announced the suspension of the operation of two production platforms, the total production volume of which is about 120 thousand barrels per day. British BP also intends to close two platforms in the region, the production volumes at each of which exceed 100 thousand barrels per day.

In addition, the decision of the OPEC+ countries to reduce the volume of oil production, as previously repeatedly stated by representatives of the alliance, can support oil prices. In particular, in order to maintain prices at $90 per barrel, OPEC will need to reduce production by 1 million b/d. In the meantime, the organization can reduce production by at least 500 thousand b/s.