OPEC+ Working to Keep Oil At $70: Iraqi Oil Minister

OPEC+ is working to keep prices around $70 per barrel, Reuters has reported, citing Iraq’s oil minister, Ihsan Abdul Jabbar Ismail. The official said the ministry hoped that oil prices would remain above $65 per barrel. OPEC—and its allies led by Russia—agreed earlier this year to add 400,000 bpd to total production beginning August until they restored their production levels to those from before the pandemic, which would occur by the end of the first half of 2022. However, demand has grown faster than initially expected, and…