Iraq has declared its intention not to support the renewal of oil output cuts in the upcoming OPEC+ meeting in Vienna. This decision was confirmed by the Iraqi oil minister, who stated that Iraq has already made sufficient voluntary cuts and will not agree to any future reductions. The stance raises questions about the potential impact on global oil supply and prices, especially as 90% of Bloomberg survey respondents had anticipated continued OPEC+ cuts. Deputy Iraqi Oil Minister Basim Mohammed Khudair later suggested that Iraq might still be open to discussions, indicating a possible softening of their initial position.
Iraq 🇮🇶 has said no continuation of supply cuts at the next meeting. Right now, almost 90% of BBG survey respondents expect renewed OPEC+ cuts... Potentially sets up for a reprieve from inflation fears in the back half of the year but nothing is guaranteed. $USO $UCO $BNO #OOTT
Iraq won't agree to new OPEC+ oil production cuts, oil minister says https://t.co/qJGfx7uqrN https://t.co/ikAeWxIzId
#Iraq: It’s not clear if the minister will maintain his stance at the gathering in Vienna, and one #OPEC delegate said it looked like usual pre-meeting behavior. Deputy Iraqi Oil Minister Basim Mohammed Khudair a few hours later struck a more conciliatory tone, saying Baghdad was… https://t.co/ZHJim28Hdu
🚨 Iraq Won’t Agree to Renew Oil Output Cuts in Next OPEC+ Meeting
#Iraq Won’t Agree to Renew Oil Output Cuts in Next OPEC+ Meeting #oott https://t.co/5wylAjOG9E
Iraq won’t support extending production cuts at the next OPEC+ meeting, its oil minister said https://t.co/bbUbImJ7wZ
#Iraq has made enough voluntary oil production cuts, will not agree to any future reductions taken by #OPEC - Iraqi oil minister #oott
IRAQ WON'T AGREE TO RENEW OIL OUTPUT CUTS IN NEXT OPEC+ MEETING
IRAQ REFUSES TO RENEW OIL OUTPUT CUTS AT NEXT OPEC+ MEETING