Saudi EnergyMin: Iraq to cut oil output more than its quota from July to September

Iraq will deliver 80% of its ledged output cuts in June but will compensate later, Saudi Arabia's energy minister Prince Abdulaziz bin Salman told a news conference on Monday, per Reuters.

Iraq's July-September oil output cuts will be higher than its quota, bin Salman further explained. "We have a full pledge from Iraq on compliance for the next two years."

Market reaction

These comments failed to help crude oil prices gain traction. As of writing, the barrel of West Texas Intermediate was posting small daily gains at $39.15.