Iraqi Oil Ministry believes oil prices will rebound

The current level of oil prices is "too low" and not profitable for producers, Iraq's Oil Minister Adel Abdul Mahdi said at a meeting of Arab petroleum-exporting nations in Cairo.

The Minister expressed the hope that oil prices have reached their lows. "There is no doubt that oil prices will rebound. This current level is too low, and it’s affecting oil producers. I think the economic factors and fundamentals are still strong," Interfax cited him as saying.