Iraq’s oil minister: support extending supply cut deal by 9-months
Iraq’s oil minister, Jabar al-Luaibi, was out on the wires now in the past hour saying that they support extending oil output cut deal by 9 months.
• Cuts would remain at same level for duration of extension
• So far there is no plan for exit strategy
• Iraq still adding 200k bpd to oil output capacity each year
The comments came just ahead of the highly anticipated OPEC meeting in Vienna. Meanwhile, WTI crude oil held on to its weaker tone and is currently trading with daily losses of around 0.70%, just above mid-$57.00s.