(MENAFN) Amid decline of global stockpiles and increase of demand in China and India, a boost in crude prices in 2018 has been predicted by Iraq's Oil Minister Jabbar Al-Luaibi.
Reporters in Baghdad were informed by the minister "I am very optimistic that in the first quarter, oil markets will witness balance."
According to Joint Organizations Data Initiative data, while attempts were underway to decrease global inventories, output cuts were accepted this year by the Organization of Petroleum Exporting Countries along with its allies as the cutbacks added this year to an increase of 15% in Brent crude prices.
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