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Iraq's oil minister said OPEC and allies will consider deepening their supply cut by about 400,000 bpd to reach 1.6 million bpd at meetings in Vienna. Iraq said it would exceed its 100 percent compliance commitment and that a deal capping Kurdistan output at 450,000 bpd would aid compliance.
A deeper cut would tighten crude supply and lift oil prices, which in turn supports biofuel and vegetable oil demand. The proposal is not yet agreed, so the price effect remains uncertain.
english.alarabiya.netReuters, BaghdadNov 30, 2019After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% 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.
