Oil prices rose by more than 1% on Monday after Iraq, a member of OPEC, revealed plans to address overproduction by implementing further output cuts. This move comes as the country gears up to obtain 185,000 barrels of oil from the Kurdistan Region, marking the initial phase of reinitiating exports through the Ceyhan pipeline pending Turkey's approval.
"The Iraqi Ministry of Oil affirms its full commitment to the OPEC+ agreement, the additional agreed cuts, and to compensate for excess output from previous months," the Iraqi oil ministry said. According to an agreement with OPEC+, Iraq is committed to producing four million barrels of oil per day, of which 700,000 barrels are used domestically.
West Texas Intermediate (WTI) for deliveries in April improved by 1.22% at 12:09 pm ET, going for $70.81 per barrel. Brent for settlements in April added 1.01% a minute later and sold for $74.71 per barrel.
