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Iraq's oil minister said Iraq will decide by year-end whether to keep its oil output cuts and that it will follow any Opec decision on crude supply. He said the oil market is stabilizing and prices are improving.
The next Opec meeting will decide on 2019 output and whether to extend the cuts.
Signals that Opec supply restraint will continue support crude prices, which can carry through to energy and fertilizer costs for feed producers. The comments are not a new policy change.
octaafrica.netMar 28, 2018After 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.
