Iraq sees improvement in oil prices early next year

KUWAIT, Dec 23 (Reuters): Iraq's oil minister said on Sunday he expects "an improvement" in oil prices at the beginning of next year, after the implementation of the OPEC and non-OPEC decision to curb production made earlier this month.

"We are optimistic that the current fall in prices will stop because there is no more oversupply in the market," said Thamir Ghadhban at a meeting of the Organisation of Arab Petroleum Exporting Countries in Kuwait.

Qatar's energy minister said it was a difficult period for oil prices.

"There's an oversupply of stock," said Saad al-Kaabi, pumped from some countries including Saudi Arabia, "with no justification."

Meanwhile, Kuwait and Iraq have chosen a consultant to assess areas with oil reserves on the border between the two countries and production policy will be decided based on the study, Thamir Ghadhban, Iraq's oil minister said on Sunday at a meeting of the Organisation of Arab Petroleum Exporting Countries in Kuwait.