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The Kingdom and Iraq are discussing the stability of oil markets

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The Kingdom and Iraq are discussing the stability of oil markets Empty The Kingdom and Iraq are discussing the stability of oil markets

Post by RamblerNash Wed May 24, 2017 2:10 am

The Kingdom and Iraq are discussing the stability of oil markets

The Kingdom and Iraq are discussing the stability of oil markets Ec212121_3

Faleh

Wednesday 24 May 2017 

BAGHDAD -
Minister of Energy, Industry and Mineral Resources Eng. Khaled Al-Falih discussed with the Iraqi Prime Minister Dr. Haidar Al-Abadi the conditions of the oil market in the region, ways of opening investment channels, economic cooperation and contributing to the reconstruction of Iraq.

Al-Faleh met with his Iraqi counterpart, Oil Minister Jabbar al-Luaibi, and discussed with him aspects of cooperation between the Kingdom and Iraq in various fields, mainly the joint efforts to stabilize oil markets and balance. After the meetings, al-Faleh held a press conference with his Iraqi counterpart, in which he stressed the importance and place of Iraq in the heart of every Saudi and Arab as one of the main pillars of the Arab and Islamic nations.

Al-Falih explained that the meetings touched upon the discussion of enhancing bilateral cooperation between the two countries in the fields of oil, industry, petrochemicals, electricity, minerals, trade and banks, and accelerating the opening of ports between the two countries.

For his part, Iraqi Oil Minister Jabbar al-Luaibi confirmed his country's agreement to extend oil production cuts for nine months to come. "We are in agreement with the Kingdom and its intention to continue the production cut agreed to by OPEC for a period of nine months."

He praised the strengthening of the Iraqi-Saudi relations, especially in the field of energy, which was launched at the Algiers conference last year and culminated in great successes.

"After the historic agreement last November, which rebalanced the markets, the oil industry is recovering greatly but not completely," he said, adding that "the level of reserves and oil reserves is still above the required level targeted by the producer group."

"We agreed after a lot of discussions that it would be best to have the extension of 9 months to the end of March 2018," he said, pointing out that the agreement is almost possible to reach what we hope in Vienna, but this does not cancel discussions in Vienna, which may touch on proposals Other ».

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