RIYADH: Saudi Arabia and Iraq on Monday confirmed their full commitment to the OPEC+ agreement.
Saudi Minister of Energy Prince Abdulaziz bin Salman, and Iraqi Oil Minister Ihsan Abdul Jabbar Ismail held discussions on developments in the oil markets, the improved global demand for oil, and progress in implementing the current OPEC+ agreement to reduce production.
OPEC and its allies led by Russia, a group known as OPEC+, agreed to cut oil output from May by a record 9.7 million barrels per day (bpd) after the coronavirus crisis destroyed a third of global demand.
The record cuts are now due to run to the end of July, before tapering to 7.7 million bpd until December.
But some OPEC members have not fully delivered on their agreed production cuts since May.
During a phone call, the Saudi minister commended Iraq’s performance within the framework of the agreement, as the country’s level of commitment in June reached nearly 90 percent.
Prince Abdulaziz thanked the Iraqi minister for his efforts in reaching the target, and expressed his confidence that Iraq will continue to improve its level of compliance with the oil cuts.
Ismail said Iraq would continue to improve compliance with the cuts to reach 100 percent by the start of August, pledging to compensate from July to September for the overproduction in May and June.
Both ministers also said that efforts by OPEC+, and the participating countries in the agreement, to meet their output cuts would enhance market stability and speed up their balanced recovery.
- With Reuters