Iraq, Russia Reaffirm Commitment To Reducing Oil Production By End Of 2023 - Oil Ministry

Iraq and Russia have reaffirmed the importance of joint actions and common stance of the OPEC+ members for the stability of the global oil market and confirmed their commitment to reduce oil production by the end of this year, the Iraqi Oil Ministry said on Friday

BAGHDAD (UrduPoint News / Sputnik - 19th May, 2023) Iraq and Russia have reaffirmed the importance of joint actions and common stance of the OPEC+ members for the stability of the global oil market and confirmed their commitment to reduce oil production by the end of this year, the Iraqi Oil Ministry said on Friday.

"(Russian Deputy Prime Minister Alexander Novak and Iraqi Oil Minister Hayan Abdul Ghani during a phone call) underlined the two countries' commitment to the OPEC+ agreement on voluntary reduction of oil production by the end of 2023. They stated the importance of collective actions, cooperation and common position of the oil producing countries of the OPEC+ alliance for achieving the supply and demand balance, as well as stability on world oil markets," the ministry said on social media.

The sides also discussed ways to strengthen and develop bilateral relations, especially in oil and energy sectors, as well as talked about events on oil markets and problems the global economy is facing, the ministry added.

In April, the OPEC+ Joint Ministerial Monitoring Committee announced that an additional voluntary reduction in the oil production in Russia, Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and Gabon will amount to 1.66 million barrels per day by the end of 2023.