Release date: 2017/5/22
The Iraqi Oil Ministry announced that Saudi Oil Minister Khalid Al-Falih will visit Baghdad on Monday.
"The Saudi minister will discuss the extension of the OPEC-led production cut with oil minister Jabbar al-Aybi," ministry spokesman Assem Jihad told Reuters.
"The two ministers will discuss how to raise prices and reduce the supply gap in the world oil market," he said.
The visit comes after Saudi Arabia and Russia, the world's top oil producers, agreed on Monday to extend production cuts for another nine months until March 2018 to reduce the price caps and increase prices.
OPEC oil ministers and a number of independent producers are due to hold a meeting on Thursday to decide on an extension of the agreement to reduce crude output beyond June 30, 2018.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have agreed to cut production by 1.8 million barrels per day for six months from January 1.
Iraq's share of the reduction was 210,000 bpd, and it agreed to extend the cut.
"Iraq is committed to reducing its output by 210,000 barrels under the OPEC agreement and supports the extension of production cuts," Prime Minister Haider al-Abadi said last Tuesday. "The stability of oil prices is important for us and Iraq, with the reduction of OPEC output to raise prices and increase our financial