Iraq’s Oil Minister Jabbar Al-Luaibi has expressed optimism crude prices will rise in 2018, with global stockpiles falling and demand on the rise in China and India.

"I am very optimistic that in the first quarter, oil markets will witness balance," Luaibi told reporters in Baghdad, quoted by Bloomberg.

The Organisation of Petroleum Exporting Countries, of which Iraq is the second-biggest producer, agreed with allies this year to cut output amid efforts to reduce global inventories. The cutbacks contributed to a 15 percent rise in Brent crude prices this year.

Earlier last week, the Joint OPEC-Non-OPEC Ministerial Monitoring Committee stated that OPEC and participating Non-OPEC producing countries have shown highest level of conformity with their respective adjustments in production.