Saudi Arabia and Iraq are committed to the “OPEC +” decision to reduce oil production

25 November, 2022
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Saudi Arabia and Iraq are committed to the “OPEC +” decision to reduce oil production

Today, Friday, Saudi Arabia and Iraq announced their commitment to the recent decision of the “OPEC +” group regarding reducing oil production, which will continue until the end of next year, in addition to confirming the possibility of taking other measures to ensure the stability of global markets.


The Saudi Ministry of Energy published a joint statement following a meeting between Saudi Energy Minister Abdulaziz bin Salman and Iraqi Oil Minister Hayan Abdul Ghani Al-Sawad, in which it stated that the two sides reviewed developments in the global oil markets, stressing the importance of working collectively within the framework of the “OPEC +” agreement, and the commitment of their two countries to the group’s recent decision. , which extends to the end of 2023.


The statement added that the group may decide to "take other measures to ensure the achievement of balance and stability in global markets, if the need arises."


A few days ago, the energy ministers of Saudi Arabia and the UAE denied any discussions regarding an increase in oil production by the “OPEC +” alliance, while stressing the continuation of the agreement until the end of 2023.


In a statement, Saudi Arabia denied recent reports that the kingdom was discussing with other OPEC producers an increase in production by 500,000 barrels per day.


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