1 Min Read
BAGHDAD, March 22 (Reuters) - OPEC believes the oil price is approaching $120 per barrel but unlikely to go higher, a level that is "acceptable" and will not hinder global growth, Iraqi oil minister Abdul-Kareem Luaibi said on Tuesday.
"Global oil prices are moving towards $120 a barrel. We consider this an acceptable price that will not harm global growth," Luaibi told a news conference in Baghdad. "We think the price will not exceed $120 per barrel."
Oil prices slipped on Tuesday, with Brent crude falling below $115 a barrel as investors betting prices would rise with Western involvement in Libya took profits in anticipation of a slowdown in air strikes.
Brent crude for May 1 delivery LCOc1 was down 59 cents at $114.37 at 1320 GMT.
Iraq is a member of the Organisation of the Petroleum Exporting Countries.
Reporting by Ahmed Rasheed; Writing by Peter Graff; editing by Keiron Henderson