Iraq supports rollover of OPEC+ oil output cuts

Iraq’s Oil Minister Thamer Ghadhban told Reuters his country supported a rollover of a current deal between OPEC and its allies to curb oil output, adding that more serious measures should be taken in light of recent market developments.

Ghadhban said the current deal to reduce output by 1.2 million barrels per day and is due to end this month had proved “partially effective” in reducing oil inventories and helping to stabilize the market.

“But the recent development shows that more serious measures should be taken,” he said on the sidelines of an industry event in St Petersburg.