Iraq’s new oil minister says Iraq is fully committed to cut its production in June and July in compliance with OPEC+ deal.
Key comments
Iraq is keen to adhere to the OPEC+ agreements and steps that lead to stability of global markets despite the financial and economic challenges -oil minister.
Irraq’s new oil minister says Iraq is also fully committed to the production cut deal agreed after June and July.
Market implications
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WTI ducks away from the $40 level, bearish factors still in play
Analysts at TD Securities remind that there are still going to be supply-side risks from the US shale patch which is one bearish factor for oil.
The key risk for energy markets, however, remains a resumption of production growth in the US shale patch, as prices sharply recover closer towards break-even levels, the analysts said.