# Iraqi oil minister expects 6-9 months OPEC output deal extension

> 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.

- Date: 2019-06-29 · published 2019-06-29T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/58528-iraqi-oil-minister-expects-6-9-months-opec-output-deal-extension
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-10-18 | [OPEC reportedly favors 9-month extension to output cut deal](https://feedsoft.ai/events/68379-opec-reportedly-favors-9-month-extension-to-output-cut-deal.md) | +1.0% | +7.3% |
| WTI | 2019-09-10 | [Iraq will cut oil production, comply with OPEC this month: Minister](https://feedsoft.ai/events/57008-iraq-will-cut-oil-production-comply-with-opec-this-month-minister.md) | +8.9% | -8.8% |
| WTI | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -8.3% | +2.6% |
| WTI | 2017-10-31 | [OPEC oil output falls in October led by drop in Iraqi exports](https://feedsoft.ai/events/68377-opec-oil-output-falls-in-october-led-by-drop-in-iraqi-exports.md) | +5.9% | +7.1% |
| WTI | 2016-12-01 | [Oil soars, Brent hits 16-month high after OPEC output deal \| Reuters](https://feedsoft.ai/events/9699-oil-soars-brent-hits-16-month-high-after-opec-output-deal-reuters.md) | +0.8% | +8.8% |
| BRENT | 2017-10-18 | [OPEC reportedly favors 9-month extension to output cut deal](https://feedsoft.ai/events/68379-opec-reportedly-favors-9-month-extension-to-output-cut-deal.md) | +0.6% | +6.6% |
| BRENT | 2019-09-10 | [Iraq will cut oil production, comply with OPEC this month: Minister](https://feedsoft.ai/events/57008-iraq-will-cut-oil-production-comply-with-opec-this-month-minister.md) | +8.6% | -6.9% |
| BRENT | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -7.2% | +3.3% |

## Sources

- english.alarabiya.net: https://english.alarabiya.net/business/energy/2019/06/30/Iraqi-oil-minister-expects-6-9-months-OPEC-output-deal-extension

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