Riyadh 22 Dhu al-Qi'dah 1441 AH/ July 13, 2020, SPA
Today His Highness Prince Abdulaziz Bin Salman Al Saud, Minister for Energy, had a phone discussion with His Excellency Ihsan Abdul Jabbar Ismail, the Oil Minister of Iraq.
The call between the two ministers focused on developments in the oil market, the improvement in global demand for oil, and progress towards implementation of the OPEC+ agreement.
At the end of the call they issued that "Saudi Arabia and Iraq confirm their full commitment to the OPEC+ agreement”.
His Highness commended Iraq on its performance under the agreement, whereby its conformity in June has approached 90 percent, as reported by the secondary sources.
His Highness thanked the Iraqi minister for this achievement and expressed his confidence that Iraq would continue to improve their level of compliance.
His Excellency the Iraqi Minister confirmed Iraq's firm commitment to the OPEC+ agreement, and added that Iraq would improve further to reach 100 percent by the beginning of next month, and pledged to compensate during the months of July, August and September, for the overproduction in May and June.
At the end of the call, the two Ministers stressed that efforts by OPEC+ countries towards meeting production cuts, as stated in the agreement, will enhance oil market stability and help accelerate the rebalancing of global oil markets.
