Iraqi oil minister says big oil cut deal will help to stabilize oil market

Iraq's oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market. Thamer al-Ghadhban said in a statement that the "massive oil cut deal will help lower oil inventories and boost prices."

OPEC and allies led by Russia agreed on Sunday to cut oil output by a record amount to support oil prices amid the coronavirus pandemic.