IRAQ CONFIRMS NO INTENTIONS TO EXIT OPEC OR OPEC+ FOR STABLE PRICES, SAY TWO OIL OFFICIALS

Iraqi oil officials have reaffirmed the country's commitment to remain within OPEC and OPEC+, emphasizing support for coordinated production policies aimed at stabilizing global oil prices. This statement reinforces the integrity of the OPEC+ alliance, reducing near-term geopolitical risk premiums tied to potential fragmentation and supporting price stability through continued supply discipline. The clarification is particularly supportive for crude oil prices, especially Brent, as it bolsters confidence in supply restraint amid ongoing market tightness and robust demand from Asia. Markets will remain focused on the next OPEC+ ministerial meeting scheduled for June, where production quotas for the second half of the year will be decided, potentially introducing new supply adjustments. Any divergence in compliance or rhetoric from key members in the coming weeks could rekindle volatility in oil markets.

Crude oil (WTI/Brent) reacts in real time to OPEC+ production decisions, EIA weekly inventory reports, geopolitical supply disruptions (Middle East, Russia, Venezuela) and US Strategic Petroleum Reserve announcements. A 5% intraday move on breaking news is not unusual.

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