Iraqi oil minister: OPEC+ cut of 1.2M may not actually deal with the oil glut

In an interview with Bloomberg TV, Iraqi oil minister Jabar al-Luaibi reiterated that he is in favour of extending the OPEC+ output cut deal. "There may be a need for deeper oil output cuts but will not necessarily propose deeper cuts," Al-Luaibi added and further argued that a cut of 1.2 million barrels per day may not actually deal with the oil glut.

"The recent comments from Russia suggests they are in favour of a rollover to cuts and thus Russia seems to be aligned with the OPEC members’ majority on cuts."

 Crude oil prices seem to be pulling away from session highs on these comments and the barrel of West Texas Intermediate (WTI) was last seen trading at $59.40, still adding 0.25% on the day.