Oil prices fell sharply on Friday on rumors that OPEC would decline to deepen the production cuts, but the rumor mill continues to churn. Over the weekend, Iraq’s oil minister said that the group would indeed consider deeper production cuts. An additional reduction of around 400,000 barrels per day is on the table, according to Iraqi oil minister Thamir Ghadhban. “This figure has been discussed and reached between OPEC ministers as a result of careful studies,” he said . “There are viewpoints for OPEC+ to do further cuts, but not as big as 1.2 million barrels a day,” Ghadhban added, according to Bloomberg. “Such cuts will lead to market stability, maintain shipments to consumers.” That assertion flies in the face of other statements from OPEC ministers, who have largely signaled a willingness to extend the current production cut agreement – set to expire in March 2020 – through the […]