# Iraq, one of OPEC's biggest over-producers, is urging deeper production cuts

> 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.

- Date: 2019-12-04 · published 2019-12-04T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/55728-iraq-one-of-opec-s-biggest-over-producers-is-urging-deeper-production-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Calls for deeper cuts signal possible supply tightening, which would support crude prices and energy-linked costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-12-04 | 1 | +3.6% | 3.1 | 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. |
| WTI | 2019-12-04 | 1 | +4.1% | 3.2 | 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-05-11 | [Iranian Oil Squeeze Could Upset OPEC Agreement on Production Cuts](https://feedsoft.ai/events/65182-iranian-oil-squeeze-could-upset-opec-agreement-on-production-cuts.md) | +2.8% | -2.3% |
| BRENT | 2018-11-07 | [OPEC Considers 2019 Oil Production Cuts in Yet Another U-Turn - Bloomberg](https://feedsoft.ai/events/61949-opec-considers-2019-oil-production-cuts-in-yet-another-u-turn-bloomberg.md) | -8.3% | -13.6% |
| BRENT | 2018-12-07 | [OPEC and non-OPEC nations agree on 1.2M barrel per day production cut - UPI.com](https://feedsoft.ai/events/61457-opec-and-non-opec-nations-agree-on-1-2m-barrel-per-day-production-cut-upi-com.md) | +2.2% | -2.9% |
| BRENT | 2018-11-12 | [OPEC analysis shows need for a production cut of 1 million bpd](https://feedsoft.ai/events/61948-opec-analysis-shows-need-for-a-production-cut-of-1-million-bpd.md) | -5.1% | -11.4% |
| BRENT | 2020-11-30 | [OPEC Meets To Decide Whether Cuts In Oil Production Are Still Needed : NPR](https://feedsoft.ai/events/50061-opec-meets-to-decide-whether-cuts-in-oil-production-are-still-needed-npr.md) | +3.5% | +7.0% |
| WTI | 2018-05-11 | [Iranian Oil Squeeze Could Upset OPEC Agreement on Production Cuts](https://feedsoft.ai/events/65182-iranian-oil-squeeze-could-upset-opec-agreement-on-production-cuts.md) | +0.2% | -7.8% |
| WTI | 2018-11-07 | [OPEC Considers 2019 Oil Production Cuts in Yet Another U-Turn - Bloomberg](https://feedsoft.ai/events/61949-opec-considers-2019-oil-production-cuts-in-yet-another-u-turn-bloomberg.md) | -10.5% | -15.0% |
| WTI | 2018-12-07 | [OPEC and non-OPEC nations agree on 1.2M barrel per day production cut - UPI.com](https://feedsoft.ai/events/61457-opec-and-non-opec-nations-agree-on-1-2m-barrel-per-day-production-cut-upi-com.md) | +2.2% | -6.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/12/04/iraq-one-of-opecs-biggest-over-producers-is-urging-deeper-production-cuts.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.