Saudi Arabia, Iraq Confirm Commitment To OPEC+ To Reduce Oil Output - Riyadh
Mohammad Ali (@ChaudhryMAli88) Published August 07, 2020 | 01:30 PM
MOSCOW (UrduPoint News / Sputnik - 07th August, 2020) 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.
Related Topics
Recent Stories
Pak Vs NZ T20I: Orphaned children extended special invitation to watch match
Finance Minister lauds UNDP’s unwavering support during floods
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
More Stories From Business
-
Foreign exchange rates
2 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
3 hours ago -
Today Gold Rate in Pakistan 24 April 2024
4 hours ago -
Afghan trade delegation, FPCCI discuss bilateral trade
14 hours ago -
With knowledge economy, Mauritius is a stable economy: Envoy
14 hours ago -
Aurangzeb reiterates govt's resole to reduce poverty, promote sustainable development
15 hours ago
-
Finance minister meets Chairman Anjuman-e-Tajran; discuss issues of business community
15 hours ago -
Govt ensuring digital access as fundamental right: Ahsan Iqbal
16 hours ago -
WHO delegation calls on Chairman FBR
16 hours ago -
Bill drafted to regulate veterinary sciences and animal welfare: Tanveer
16 hours ago -
General Motors lifts 2024 profit forecast after strong Q1
16 hours ago -
Pakistan aims to reach $3 trillion economy by 2047: Ahsan Iqbal
17 hours ago