Saudi Arabia, Iraq Confirm Commitment To OPEC+ To Reduce Oil Output

      Published on Saturday, 8 August , 2020      1237 Views     
Saudi Arabia, Iraq Confirm Commitment To OPEC+ To Reduce Oil Output

  • Business

Saudi Arabia and Iraq have confirmed their full commitment to the OPEC+ deal,

which stipulates a reduction in the volume of oil output, a joint statement by the Iraqi Oil Ministry and the Saudi Energy Ministry has said, adding that the total cut of oil production by Baghdad in August and September will be at 1.25 barrels per day (bpd).

“The call between the two Ministers focused on recent developments in the oil market, the continued recovery in global oil demand, and the progress made towards the implementation of the OPEC+ agreement,” the joint statement, cited by the official Saudi Press Agency (SPA), said.

The two officials have affirmed a full commitment of their countries to implement the OPEC+ accord, according to the statement.

“Iraq will further reduce production by 400,000 barrels per day in the months of August and September, to compensate for its overproduction in May, June and July,” Abdul Jabbar said.

This reduction takes place along with another 850,000 bpd that Baghdad has to cut down under the oil agreement, the Iraqi minister specified, adding that the total cut in August and September will amount to 1.25 bpd for both months, but this oil output cut could be adjusted, “when the six secondary sources publish their production figures.”

The Saudi official, in turn, has expressed his gratitude to Abdul Jabbar for his efforts to improve Iraq’s compliance with the OPEC+ oil curtailment agreement, SPA reported.

On April 12, the OPEC+ countries agreed to reduce oil production by 9.7 million bpd in May and June, followed by 7.7 million per day for the year’s second half, and then 5.8 million per day until April 2022.

In early June, the parties agreed to extend the 9.7 million bpd cuts until the end of July. Iraq and Nigeria admitted that they had not managed to achieve full compliance in May and June and vowed to contribute more cuts over the following months.

Category Business, Oil, World News | 2020/08/08 latest update at 5:00 PM
Source : Urdu Point | Photocredit : Google
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