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Remarks by Iraq’s oil ministry via its state news agency
- OPEC is cautious about pumping and reducing oil supply
- OPEC does not want to lose this success because oil markets remain fragile
- Any additional quantities can lead to collapse in price or oversupply
I reckon this relates more to future policy but it doesn’t really reveal much about what they might do collectively as a bloc in next week’s meeting in response to the SPR release.