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Saudi Arabia And Iraq Are Committed To Complying With OPEC+ Production Cut Agreements


Saudi Arabia And Iraq Are Committed To Complying With OPEC+ Production Cut Agreements

Saudi Arabia and Iraq on July 13 confirmed their commitment to fully comply with the agreement of the Organization of Petroleum Exporting Countries and their partners (OPEC + group).

During the same day's talk, Saudi Energy Minister Abdulaziz bin Salman and Iraqi Oil Minister Ihsan Abdul Jabbar Ismail discussed recent developments in the crude oil market, the demand for "black gold." ”And global compliance with the OPEC+ oil-cut agreement.

Earlier, OPEC and its Russian-led partners, known as the OPEC+ group, agreed to cut record crude oil production by 9.7 million barrels a day since May 2020 after the sugar epidemic. Respiratory level COVID-19 caused global oil demand to plummet.

The plan to cut production will last until the end of July, then maintain at a reduction of 7.7 million barrels a day until December 2020. However, some OPEC members have not fully implemented the agreement.

Saudi Energy Minister highly appreciated Iraq's commitment in the agreement, when the country's compliance rate of cuts in June reached nearly 90%.

Prince Abdulaziz also expressed his belief that Iraq will continue to improve its compliance in the future.

For his part, Minister Ismail said Iraq would uphold its commitment, moving towards its goal of achieving 100% reduction from the beginning of August, to compensate for the excess production in May and June.

The two ministers said that the efforts of OPEC + and the countries participating in the agreement will help increase stability and soon restore the balance in the "black gold" market.

According to the plan, the OPEC + Ministerial Supervision Committee will have a discussion this week to assess the oil market and the level of commitment to cut production in the group.

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