Loading…
Iraq's oil minister endorsed a further 400,000 bpd production cut across OPEC+ ahead of meetings in Vienna. He also urged cuts be extended beyond June 2020 and noted Iraq's chronic overproduction.
Calls for deeper cuts signal possible supply tightening, which would support crude prices and energy-linked costs for feed producers.
cnbc.comNatasha TurakDec 4, 2019After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
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.
On Dec 4, Iraq's oil minister endorsed a further 400,000 bpd OPEC+ cut and urged extending it past June 2020, which supports expectations of tighter supply and plausibly fed the one-day Brent jump.
Iraq's oil minister endorsing a further 400,000 bpd cut on Dec 4, just before the Vienna meetings, boosted expectations of tighter supply and supported a WTI rebound.
