Saudi Commerce Minister Al-Qassabi meets Iraq PM Al-Abadi

Saudi Commerce and Investment Minister Majid Al-Qassabi
Updated 25 August 2017

Saudi Commerce Minister Al-Qassabi meets Iraq PM Al-Abadi

RIYADH: Commerce and Investment Minister Majid Al-Qassabi, who heads the new Saudi-Iraqi Coordination Council comprising ministers and members of relevant authorities in both countries, met with Iraqi Prime Minister Haider Al-Abadi.
They discussed ways to enhance strategic, economic, trade, agriculture and investment relations.
Al-Qassabi is leading a high-level delegation of government officials and businessmen who seek closer ties with Iraq, the Saudi Ministry of Commerce and Investment said Wednesday.
During the meeting, the two sides discussed mutually beneficial investment opportunities and partnerships, it added.
The visit also aims to enhance trade and create business opportunities in all sectors, especially industry, agriculture, education and health.
Al-Qassabi said the visit, his first to Iraq, is crucial as it comes after the opening of border crossings between the two countries.
The two sides discussed Saudi participation in an international economic forum to be held in Baghdad, setting up the Saudi-Iraqi Business Council, and holding the Saudi-Iraqi Business Opportunities Forum early next year in the Kingdom.


Saudi Arabia delays May crude prices until after OPEC+ meeting

Updated 27 min 52 sec ago

Saudi Arabia delays May crude prices until after OPEC+ meeting

  • OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut

DUBAI: Saudi Aramco will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, a senior Saudi source familiar with the matter said on Sunday.
"It is an unprecedented measure that has not been taken by Aramco before. May OSPs will depend on how the OPEC+ meeting concludes. We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs," the Saudi source said.
Saudi Aramco typically issues its OSPs by the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia.
OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted US President Donald Trump to intervene.
The Saudi source said that Riyadh wants to avoid a repeat of the outcome of a March meeting where oil talks collapsed between OPEC and allies "due to Russia's lack of cooperation with the rest of OPEC+ participants".
Coordinated cuts between OPEC members and others led by Russia expired on March 31 having helped support crude prices since they began in January 2017.
The OPEC+ meeting was initially due for Monday, but was postponed to April 9 "to allow for more time to reach out to all producers including OPEC+ and others," the Saudi source said.