Iraq's new oil minister says iraq is fully committed to cut its production in June and July – Reuters

Iraq's new oil minister says Iraq is fully committed to cut its production in June and July in compliance with OPEC+ deal. 

Key comments

Iraq is keen to adhere to the OPEC+ agreements and steps that lead to stability of global markets despite the financial and economic challenges -oil minister.

Irraq's new oil minister says Iraq is also fully committed to the production cut deal agreed after June and July.

Market implications

• WTI ducks away from the $40 level, bearish factors still in play 

Analysts at TD Securities remind that there are still going to be supply-side risks from the US shale patch which is one bearish factor for oil.

The key risk for energy markets, however, remains a resumption of production growth in the US shale patch, as prices sharply recover closer towards break-even levels, the analysts said.