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12:15 GMT
RIYADH, Aug 7 (KUNA) -- Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud and Iraqi Oil Minister Ihsan Ismaael discussed the latest developments in the oil markets, the continued recovery in global demand for oil and the progress made towards implementing the OPEC+ agreement.
Both ministers confirmed, during a telephone conversation on Friday that Saudi Arabia and Iraq are fully committed to the deal, the Saudi Press Agency reported.
The two ministers underlined that the efforts made by the countries participating in the OPEC+ agreement towards adhering to the production reduction ratio would enhance the stability of world oil markets, accelerate their balance and send positive signals to the
markets.
Meanwhile, Ismaael confirmed Iraqآ’s commitment to the OPEC+ agreement, adding that Iraq would 100 percent commit at the beginning of August.
Iraq would add a cut of 400,000 barrels per day (bpd) of production in August and September to compensate for the increased production in May, June and July, he underscored.
This reduction is in addition to the reduction of 850,000 bpd that Iraq committed to in August and September under the current deal, as the total reduction in Iraq's production in August and September will reach 1.25 million bpd per month, he explained. (end)
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