Iraqi oil minister: Iraq to deepen oil output cuts in October

Eren Sengezer FXStreet

Iraqi oil minister Jabar al-Luaibi crossed the wires, via Reuters, in the last minutes saying that Iraq will deepen its oil output cut in October from September levels. "There is no need for an extraordinary OPEC meeting after Saudi attacks," the minister further argued.

Crude oil largely ignored these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $56.55, losing 0.35% on a daily basis. Later in the session, the Energy Information Administration's (EIA) weekly crude oil stock data will be looked upon for fresh catalysts.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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