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Saudi Arabia, Iraq affirm commitment to Opec+ deal

Filed on August 20, 2020 | Last updated on August 20, 2020 at 06.57 am
Saudi arabia, Iraq, mohammed bin salman, Mustafa al kadhimi, global, oil, developments, opec+, deal, commitment

(Supplied image)

Saudi Crown Prince and Iraqi PM Mustafa Al Kadhimi discussed global oil developments on Wednesday.

Mohammed bin Salman bin Abdul Aziz, Saudi Crown Prince, Deputy Prime Minister and Minister of Defence, on Wednesday had a conversation with Mustafa Al Kadhimi, the Prime Minister of Iraq, on the global oil developments.

During the conversation, they discussed efforts being undertaken to stabilise and rebalance global oil markets, according to the Saudi Press Agency.

In this regard, they stressed the importance of compliance, by all participants, to the Opec+ agreement and the agreed compensation mechanism.

The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as Opec+, have agreed a supply reduction pact for those countries who overproduced before to compensate by cutting deeper in the coming months.

They also discussed bilateral relations between the two countries and opportunities for their further development.

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