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Iraq Oil Minister HE Ihsan Abdul Jabbar Ismaael said on Wednesday that Iraq’s oil exports should average around 2.9 million barrels per day in February, as reported by Reuters.

Ismaael further added that he sees Brent prices ranging between $58 and $63 and noted that he doesn’t expect OPEC+ to make any changes to its output strategy at the next meeting. 

Market reaction

Crude oil prices showed no immediate reaction to these remarks and the barrel of West Texas Intermediate was last seen trading at $58.65, gaining 0.45% on a daily basis.