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An oil pump jack in an oil field near the city of Almetyevsk. (Photo Credit: Yegor Aleyev/TASS)

Iraq expects oil prices to reach $80 per barrel, the country’s state news agency reported on Sunday, citing an oil ministry spokesman.

The spokesperson, Asim Jihad, did not give a timeframe for the increase he predicted.

Crude prices have been on the rise over the past weeks, settling over $70/barrel on Friday, amid expectations of limited growth in U.S. oil output this year.