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Saudi Arabia, Iraq Vow to Implement Oil Output Cut Deal

Saudi Arabia, Iraq Vow to Implement Oil Output Cut Deal”

But figures for July showed that the 14 members had increased production levels - even Saudi Arabia, which had been one of the most determined.

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih and his Iraqi counterpart Jabbar Al-Luaybi also vowed to ensure coordination of their nations' oil policies, according to the Saudi Press Agency, as the Arab neighbors seek to upgrade strategic ties.

Saudi Arabia is the largest oil producer in the Organization of Petroleum Exporting Countries and Iraq is second. The pipeline was confiscated by Saudi Arabia in 2001 as compensation for debts owed by Baghdad.

Saudi Arabia and Iraq are going to implement the oil producers' output cut deal reached in the Austrian capital of Vienna, according to media reports.

The agreement was also supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day. Saudi Arabia produced 10.06 million barrels per day, which at 31,800 above June levels, almost offsets Iraq's decline.

There are indications the market still favors the supply side.

Crude oil production by OPEC members increased slightly in July, including Saudi Arabia, which had championed efforts by the oil cartel and allies to extend an output freeze.

Gains in USA crude oil production and output from Libya and Nigeria, two OPEC members exempt from the agreement because of national security issues, have undermined OPEC's balancing effort somewhat.

Decisions at the meeting, attended by Russian Federation and Saudi Arabia, will "help facilitate full conformity" with production cuts, it said.



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