Iraqi Oil Minister: Massive oil output cut deal will help lover inventories and boost prices

Anil Panchal FXStreet

Iraq's Oil Minister Thamir Al-Ghadhban crosses wires, via Reuters, during early Monday morning in Asia. The representative from the OPEC (Organization of the Petroleum Exporting Countries) conveyed optimism surrounding the recently reached OPEC+ deal.

Key quotes

The big oil output cut deal reached will help to stabilize the market.

May and June will be vey important to see results.

Massive Oil inventories will help lover inventories and boost prices.

OPEC next step is to monitor markets and will cooperate with OPEC+ to keep oil market away from acute volatility.

Market implications

The comments fail to offer any major push to the oil benchmark as WTI begins the week’s trading on the back foot around $22.60 by the press time.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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