Iraqi and Saudi energy ministers meet to discuss the oil markets

Iraqi and Saudi energy ministers meet to discuss the oil markets

The OPEC+ output cuts, which are in effect until the end of 2023, were emphasized during a meeting between the Saudi and Iraqi energy ministers on Thursday, according to a statement released by the Saudi oil ministry on Friday.

During a trip to the kingdom that started on Wednesday, Hayan Abdel-Ghani, the energy minister of Iraq, met Prince Abdulaziz bin Salman, the minister of energy in Saudi Arabia. According to the statement, the two parties also mentioned “the ability to take further actions, if required, to establish balance and stability in the market.”

The next meeting of OPEC+, an association made up of members of the Organization of Petroleum Exporting Countries and their allies, including Russia, will take place on December 4 in Vienna. At its most recent meeting on October 5, a 2 million barrel per day output reduction was decided.

Prince Abdulaziz stated earlier this week that the organization is still prepared to take more actions to maintain a balance between supply and demand.