saudi and iraq reaffirm commitment to cut oil production
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

To put end for prices decline

Saudi and Iraq reaffirm commitment to cut oil production

Arab Today, arab today

Arab Today, arab today Saudi and Iraq reaffirm commitment to cut oil production

Saudi Arabia and Iraq on Thursday reaffirmed
Riyadh - Arabs Today

Saudi Arabia and Iraq on Thursday reaffirmed their commitment to reduce their oil production under OPEC’s agreement to curb the global supply gap.

 Iraq has stressed that there was no disagreement with Saudi Arabia’s proposals to reduce oil production.

In a statement, Saudi Energy Minister Khaled al-Falih said that talks with his Iraqi counterpart, Minister Jabar Ali Luaibi, have underlined the need to strengthen the level of commitment to the agreement led by OPEC to reduce the supply of crude.

He added that officials have reached an agreement to work towards ensuring the stability of world oil markets and consolidating the gains made in the recent period.

Al-Falih said that the Iraqi oil minister has reassured him about the strictness of the government and the oil ministry in Iraq towards the implementation of the agreement and that the level of Iraqi exports in recent months has remarkably decreased.

On the meeting between the two energy ministers and the Deputy Custodian of the Two Holy Mosques Prince Mohammed bin Salman, Al-Falih said: “We met with Prince Mohammed bin Salman, who stressed the Kingdom’s keenness to implement the initiatives launched during the meetings between the leaderships of the two countries.”

The Saudi crown prince met with Al-Falih and Luaibi on Thursday in Jeddah to discuss efforts to stabilize global oil prices. Talks also touched on joint projects in the economy and energy in particular, opening ports, launching direct flights as well as stimulating Saudi trade and investments.

In remarks to Asharq Al-Awsat newspaper, Al-Falih said: “The possibility of continued production cuts is on the table, and the door to extension of reduction has not been closed. If further actions are needed by the market, whether to extend or change production levels, they will be examined on time and agreed through 24 countries.”

The Saudi minister noted that the Kingdom would not take unilateral measures, but would seek the consensus of all the concerned countries to take the appropriate action at the right time.

“It is too early to predict what will happen following the first quarter of next year,” he stated.

In 2016, the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement in Vienna to reduce daily oil production during the first half of 2017 in an effort to stabilize global oil prices.

The agreement was also supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day. In May, the deal was extended by nine months.

Asked about the reduction of the Kingdom’s exports to 6.6 million barrels per day and its impact on the country, he said: “The process of investment in the oil sector in Saudi Arabia will not be affected at all by this temporary agreement; the Kingdom’s production capacity is maintained at 12 million barrels and we are investing to preserve this capacity.”

Al-Falih stressed that Saudi Arabia was committed to its leading role and welcomed the Iraqi endeavor to rebalance the markets and reduce stocks. He pointed out that data issued by the US has highlighted the success of the joint work between producing countries to reduce the stock to normal levels and to establish stability in the markets.

source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi and iraq reaffirm commitment to cut oil production saudi and iraq reaffirm commitment to cut oil production

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi and iraq reaffirm commitment to cut oil production saudi and iraq reaffirm commitment to cut oil production

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday