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Iraq and 5 countries renew their commitment to supporting oil stability
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Economy News - Baghdad
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Added 10/09/2023 - 9:43 AM
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Economy News - Baghdad
On Monday, Iraq, Saudi Arabia, the UAE, Kuwait, Oman and Bahrain renewed their commitment to “collective and individual voluntary production adjustments” for oil.
According to a joint statement, the oil ministers of the six countries met on the sidelines of the Climate Week activities in the Middle East and North Africa region, which was launched by the United Nations in Riyadh.
The statement stated that the ministers reaffirmed the readiness of the countries of the Declaration of Cooperation to take additional measures at any time as part of their continuing efforts to support market stability and build on the strong cohesion of the OPEC+ countries.
The OPEC+ alliance, which includes OPEC and non-OPEC allies led by Russia, agreed in June to extend the voluntary oil cuts first announced in April until the end of 2024.
Saudi Arabia and Russia announced additional voluntary cuts until the end of 2023, and these cuts are subject to monthly review. Last Wednesday, OPEC+ ministers did not make any changes to the group’s oil production policy, after Saudi Arabia and Russia said they would maintain voluntary supply cuts to support the market.
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Added 10/09/2023 - 9:43 AM
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