◂ Event Timeline

Nov 29, 2020GEOPOLITICSGlobal

Iraq isn't seeking exemptions from OPEC+ output cuts: report

Iraq's oil minister said Iraq did not seek exemption from OPEC+ output cuts because it fears falling prices. Iraq overproduced in October, pumping 3.842 million b/d against a quota of 3.804 million b/d.

WHY IT MATTERS

Iraqi overproduction adds supply risk to an already fragile market, though the minister's stance supports maintaining cuts and crude prices.

AFFECTSCrude Oil (Brent)◆

SOURCE
spglobal.comDania SaadiNov 29, 2020

Price reaction & history

Crude Oil (Brent)◆neutralSO FAR1d -0.7%5d +3.5%20d +7.0%

After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.

Oct 19, 2020OPEC Meeting Ends Without Firm Decision On Output Cuts | OilPrice.com-2.1%
Dec 2, 2022OPEC+ decision on oil quotas muddled by Russian sanctions | S&P Global-12.1%
Aug 22, 2022Oil pares losses after Saudi oilmin says OPEC+ has options including cuts+4.6%
Nov 20, 2025Refining Margins Soar as Global Oil Product Markets Tighten | OilPrice.com+0.5%
Mar 2, 2026Forget OPEC+ output hike. Duration of Hormuz disruption is what matters | Reuters+31.0%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Crude Oil (Brent) BRENT · GP ▸

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