Iraqi Oil Minister: Massive Oil inventories will help lover inventories and boost prices

Iraq's Oil Minister Thamir Al-Ghadhban crosses wires, via Reuters, during early Monday morning in Asia. The representative from the OPEC (Organization of the Petroleum Exporting Countries) conveyed optimism surrounding the recently reached OPEC+ deal.

Key quotes                                                                                                                                   

The big oil output cut deal reached will help to stabilize the market.

May and June will be vey important to see results.

Massive Oil inventories will help lover inventories and boost prices.

OPEC next step is to monitor markets and will cooperate with OPEC+ to keep oil market away from acute volatility.

Market implications

The comments fail to offer any major push to the oil benchmark as WTI begins the week’s trading on the back foot around $22.60 by the press time.