Oil Output Cuts by OPEC+
Iraq's oil minister, Hayan Abdel-Ghani, has announced that Iraq does not anticipate any further oil output cuts by OPEC+ during its next meeting in June. This is due to the voluntary oil production cuts that began in May and will continue until the end of 2023. The cuts have helped stabilize the market and increase prices. However, concerns about a global economic slowdown subsequently caused prices to decline. Brent crude futures were trading at $75.25 per barrel at the time of the report, on track to end the week flat after three weeks of decline as well. In addition, there is no need for additional oil output cuts beyond what key producers have already agreed, as the global crude market has achieved balance. Russia and its partners in the Organization of Petroleum Exporting Countries plan to hold their next meetings at least one month before the start of June to discuss the markets situation.