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Saudi, Iraq vow stronger commitment to cut oil output

Saudi, Iraq vow stronger commitment to cut oil output”

Iraqi oil minister Jabar Luaibi met with Saudi Crown Prince Mohammad bin Salman during his visit to Saudi Arabia, which started on Tuesday, the statement from the Energy Ministry said.

Saudi energy minister Khalid al Falih and his Iraqi oil minister Jabbar al Luaybi also promised to coordinate their oil policies, the Saudi Press Agency said.

Jeddah- Saudi Arabia and Iraq on Thursday reaffirmed their commitment to reduce their oil production under OPEC's agreement to curb the global supply gap.

Specifically, they talked about the close cooperation between the two countries in the oil field, while stressing their full commitment to the agreement of reducing oil production until the markets reach the target balance.

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

The parties also reportedly discussed joint projects in the economy and energy in particular, opening ports, launching direct flights as well as stimulating Saudi trade and investments.

In remarks to Asharq Al-Awsat newspaper, Al-Falih said: "The possibility of continued production cuts is on the table, and the door to extension of reduction has not been closed".

Saudi Arabia and Iraq, the two biggest oil producers in OPEC, announced on Thursday a renewed push to cut production after a meeting between their oil ministers in the Red Sea city of Jeddah.

Output from the 14 OPEC members hit 32.87 million barrels per day (mbd) last month, OPEC said in its monthly report on the oil market, up from 32.69 mbd in June. In May, the deal was extended by nine months.

Saudi Arabia produced 9.9 million bpd in May, the first time in years that output was below 10 million barrels per day.



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