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Iraq's oil minister Thamer al-Ghadhban said he expects the global crude production deal to be extended by six to nine months. He said Iraq supports efforts to balance oil supply and demand.
The pact currently curbs output by 1.2 million bpd and expires at the end of June.
Iraq's endorsement of an extension makes a rollover more likely, which supports crude prices. Higher crude feeds through to diesel and fertilizer costs for feed producers.
english.alarabiya.netReuters, ViennaJun 29, 2019After 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.
After 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.
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.
