- Oil is trading higher, around $78.85, extending some gains from last week
- China announced plans to sell long-term bonds to support growth and energy consumption within the country
- Two key inflation reports will occur this week, with April PPI on Tuesday and April CPI on Wednesday
- Iraq won't agree to further OPEC cuts (BBG)
- Iraq’s oil minister, when asked about the prospects of further cuts to supply, said, “No, I think Iraq has cut enough and will not agree to any other cut”
- OPEC is set to meet on June 1 to discuss the future of their production cuts and whether to extend them into the second half of the year
- Iraq continues to overproduce its OPEC quota, with the country exporting 3.4 MMBbl/d this month, 100 MBbl/d more than their agreed-upon quota
- China increases its presence in Iraqi oil bidding (BBG)
- Iraq’s oil ministry awarded 12 blocks and fields with oil and gas potential across the country, with mostly Chinese companies participating
- Seven out of eight Chinese companies participating won the rights to drill in a total of 10 blocks
