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Saudi, Iraq Energy Ministers meet, review oil markets

November 25, 2022 at 5:35 pm

An OPEC sign [Stefan Wermuth/Bloomberg via Getty Images]

The Energy Ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi Energy Ministry said in a statement on Friday, Reuters reports.

Iraq’s Energy Minister, Hayan Abdel-Ghani, met Saudi Energy Minister, Prince Abdulaziz bin Salman, on a visit to the Kingdom which began on Wednesday.

The two sides also pointed to “the ability to take further measures, if required, to achieve balance and stability in the market,” according to the statement.

OPEC+, an alliance that groups together Organisation of Petroleum Exporting Countries (OPEC) members and their allies, including Russia, next meets on 4 December in Vienna.

In its last meeting on 5 October, an output cut of 2 million barrels a day was agreed.

Prince Abdulaziz said, earlier this week, the group remains ready to take further measures if needed to balance supply and demand.

READ: Saudi denies oil output hike discussion, says OPEC+ may cut if needed