OIL & GAS

Saudi Arabia, Iraq stress full commitment to OPEC+ deal

Saudi Arabia’s energy minister and Iraqi counterpart stressed, in a phone call, their countries’ full commitment to an OPEC+ deal curbing oil production, Iraqi state news agency said on Friday citing a joint statement from both ministries.

The two ministers discussed the latest developments in oil markets, continued recovery in global demand and progress made towards implementing the OPEC+ agreement.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, began a record supply cut in May to bolster oil prices hammered by the coronavirus crisis.

OPEC, Russia and other producers, a group known as OPEC+, agreed to cuts of 9.7 million bpd, or 10 per cent of global output, from May 1. In July, they delivered 5.743 million bpd of the pledged reduction, equal to 94 per cent compliance, the Reuters survey found.

However, OPEC oil output rose by over 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra curbs on top of the OPEC-led deal, and other members made limited progress on compliance.

Saudi Arabia had agreed to cut output by 2.5 million bpd under the OPEC+ deal.

Source
ET Energy World
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