Saudi, Iraqi Energy Ministers Review Oil Markets

The energy ministers of Saudi Arabia and Iraq met on Thursday to stress the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday.

Iraq’s energy minister Hayan Abdel-Ghani met Saudi energy minister Prince Abdulaziz bin Salman on a visit to the kingdom which began on Wednesday.

According to the statement, the two sides pointed to, “the ability to take further measures, if required, to achieve balance and stability in the market”.

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OPEC+, an alliance that groups together Organization of Petroleum Exporting Countries (OPEC) members and their allies, including Russia, next meets on Dec. 4 in Vienna.

In its last meeting on Oct. 5 an output cut of 2 million barrels a day was agreed.

Prince Abdulaziz noted that the group remains ready to take further measures if needed to balance supply and demand.

Felicia Kolo