Muscat, Mar 25: Oil prices will likely stay between 22 and 25 dollars a barrel in the next few months despite potential instability due to the war in Iraq, Oman's oil minister Mohammad al-Romhi said today. He noted that the Opec oil cartel at a meeting last week in Vienna promised to meet any shortage caused by the war. Oil prices rose today amid receding hopes of a swift victory for US-led forces after fierce Iraqi resistance. The benchmark New York light sweet crude contract for may delivery was trading at 28.95 dollars a barrel in after hours trading, up 29 cents from its close of 28.66 dollars in New York yesterday.

Oman, which is not an Opec member, is producing about 763,000 barrels a day, officials said.
Bureau Report