Iraqi oil minister says big oil cut deal will help to stabilize oil market

CAIRO (Reuters) – Iraq’s oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market.

Thamer al-Ghadhban said in a statement that the “massive oil cut deal will help lower oil inventories and boost prices.”

OPEC and allies led by Russia agreed on Sunday to cut oil output by a record amount to support oil prices amid the coronavirus pandemic.