Iraqi Deputy PM: Addressing technical issues to further reduce oil output

"Despite Iraq's severe financial constraints, we're addressing technical issues that will allow us to further reduce oil output," Iraq's deputy prime minister and acting oil minister Ali Abdul Ameer Allawi tweeted out on Tuesday.

"We remain committed to the OPEC+ deal, and to doing our part towards ensuring a stable and secure global energy market," Allawi added.

Market reaction

Crude oil prices are clinging to decisive daily gains on heightened hopes of OPEC+ further reducing the oil output and/or extending the output cut agreement. As of writing, the barrel of West Texas Intermediate was up 2.25% on a daily basis at $36.35.