Iraq’s representatives told the Joint Ministerial Monitoring Committee (JMMC) on Thursday that Iraq will fully comply with pledged output cuts, Reuters reported, citing an OPEC+ source.
“Iraq says it will compensate for overproduction of around 0.570 million barrels per day in May over the coming months,” the source told Reuters.
Market reaction
Crude oil prices cling to decisive daily gains following this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $38.35, gaining 1.8% on a daily basis.
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