Saudi, Iraq Confirm Commitment to OPEC+ agreement

Saudi Arabia’s Energy Minister, Prince Abdulaziz Bin Salman Al Saud, and Iraq’s Oil Minister, Ihsan Abdul Jabbar Ismail, had a phone call to discuss the issue of compliance with the OPEC+ deal, according to SPA.

The call focused on developments in the oil market, the improvement in global demand for oil, and progress towards implementation of the OPEC+ agreement.

After the call, a statement said “Saudi Arabia and Iraq confirm their full commitment to the OPEC+ agreement.” 

According to SPA, Iraq has managed to reach 90% conformity in June and pledges to be fully compliant by the beginning of next month. Furthermore, the oversupply in May and June will be compensated during the coming months of July, August, and September, for the overproduction in May and June.

The OPEC+ production cuts signed in April are an attempt to restore market stability after the oil price crash.