Oil rises 1% on Saudi Aramco’s upbeat demand view, Iraq supply cut

Oil rises 1% on Saudi Aramco’s upbeat demand view, Iraq supply cut

Algeria economy rocked by one two-punch

On the supply side, Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months. The move would help it comply with its share of cuts by the Organization of the Petroleum Exporting Countries and their allies, together called OPEC+.

The sharper cut will take Iraq's total reduction to 1.25 million bpd this month and next.

The Saudi and Iraqi energy ministers said in a joint statement that OPEC+ efforts would improve the stability of global oil markets, accelerate its balancing and send positive signals to the markets.

While hopes grew on stalled talks between US Democrats and the White House on a new support package for cash-strapped