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Saudi Arabia and Iraq agreed to coordinate and balance supply and demand in the oil market

 Last Update: 2023-01-01
 Source: Internet
 Author: User

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Saudi Arabia's and Iraq's energy ministers met in a statement, stressing the importance of
sticking to OPEC+ production cuts that will last until the end of 2023, Oil & Gas News reported on November 27.

Iraqi Energy Minister Hayan Abdel Ghani began his visit to Saudi Arabia on Wednesday to meet with Saudi Energy Minister Mohammed Salman
.

According to the statement, the parties also noted the ability to take further measures if necessary to achieve balance and stability
in the market.

OPEC+, made up of OPEC members and their allies, will next meet in Vienna on December 4
.

At its last meeting, on Oct.
5, OPEC+ agreed to cut production by 2 million barrels
per day.

Salman said earlier this week that the group remains prepared to take further steps to balance supply and demand if necessary
.

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