Following a figure by Baker Hughes, on Friday for the first time from 9 weeks the rig count has not increased, and despite this both Oil benchmarks on both sides of the Atlantic Ocean has decreased.
WTI and Brent are currently trading respectively at $46.96bbl and $49.30bbl making a negative performance of 0,40% and 0,54% which seems mainly linked to a take-profit of the investors.
The Iraq’s output in the meantime has been revised upside and following a Reuters article, quoting two South Oil Company’s spokesman “In August the Iraq Oil export from south ports touched 3.205 million barrel @day, overcoming the average level in July”.
Regarding Iran, on the other hand, the Country has reiterated his willingness to cooperate with Oil producers in order to freeze the production exclusively if they will recover their market share. This means that discussion on an possible agreement could fail again, looking at the recent rumors of the major Oil producers on a necessary Iranian production cut.
Following recent news anyway, the Iranian prime minister will attend next meetings, so the hopes for an agreement remains alive.