LONDON: Iraq's oil minister said that oil at $75-$80 a barrel was a fair price for producers and consumers, adding that his country was seeking to expand its production and export capacity in the coming years.

Oil prices traded above $83 a barrel on Wednesday, their highest since October 2018, amid a global energy crunch and a decision by the Organization of the Petroleum Exporting Countries and its allies to stick to a small increase in production next month.

Ihsan Abdul Jabbar told the Energy Intelligence Forum that Iraq aims to raise its oil production capacity by some 3 million barrels per day (bpd) to 8 million bpd by the end of 2027.

The OPEC member is also targeting raising its crude export capacity to 6 million bpd from 4 million bpd now by the end of 2024.

Oil hits three-year high after OPEC+ sticks to output plan

He added that talks with US oil major Chevron Corp on developing the Nassiriya oilfield, which is estimated to hold about 4.4 billion barrels of crude, could reach final agreement in the next few weeks.

He said that the Iraqi National Oil Company (INOC) will hold a stake of no less than 40% in the joint partnership with Total Energies in a project the French major is developing in the country.

Total Energies will build four energy projects in southern Iraq under a $27 billion deal signed in Baghdad last month.