© Reuters. FILE PHOTO: A gas pump at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak/File Photo

(Reuters) – Iraq’s oil ministry spokesman said that an oil price above $80 is “a positive indicator” but needs long term stability.

The oil ministry cited Asim Jihad on its Telegram channel as also saying that Iraq aims to achieve the highest financial revenues by committing to the OPEC+ agreement.

He added that the challenges of the global oil market are still present due to not fully containing the coronavirus and its variants.

Earlier this month, OPEC+ stuck to its agreement of increasing production by 400,000 bpd a month as it unwinds production cuts.

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