Iraq’s Oil Minister Thamir Ghadhban recently crossed wires, via Reuters, while signaling that the upcoming meet between the global oil producers including Russia will debate over deeper production cuts.
The additional cut is required.
The cut proposal will be real.
Additional oil cuts of 400K barrels per day (bpd) not final.
1.2mbpd cut is not enough.
Slower demand is a bigger impact next year than non-OPEC (Organization of Petroleum Exporting Countries) supply.
The deeper cut is needed because of slowing demand.
While an upbeat reading of private inventory numbers was already helping the WTI, news like this favored the energy benchmark to ignore trade war fears while taking the bids to $56.40 amid initial Asian trading hours on Wednesday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.