Iraq sends Oil prices down

September 2, 2020

Reuters reports that Iraq will seek an exemption from production cuts beginning in 2021. This was followed up by the Iraqi Oil ministry denying that they are seeking an exemption and that they are fully committed to the cuts agreed to for the balance of 2020. The denial did not do a strong job in specifically addressing 2021, and the market remains at the lows of the session, down ~$1.40/Bbl in spot and -$0.95 in Cal 2021.   

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