Saudi Arabia, Iraq pledge to maintain oil production cuts

Bruno Cirelli
Agosto 10, 2017

The statement was made during talks between Saudi Crown Prince Mohammad bin Salman Al Saud and Iraqi Oil Minister Jabar Ali Luaibi in the Saudi city of Jeddah, the Akhbaar24 media outlet reported.

OPEC's top two producers agreed today to strengthen their commitment to production cuts, as the oil cartel reported a collective increase in output last month in a setback for its deal to pump less.

"I have discussed this issue before with the Saudi side", said Bahr Al Olum, who is now a member of parliament, adding that he expected that Riyadh would have a more "positive response" toward this issue given an improved political environment between the two major OPEC producers.

But despite the commitment, crude production by OPEC members saw an uptick in July, including by Saudi Arabia which had championed efforts by the cartel and allied independent producers to extend an output freeze.

The agreement was also supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day.

They also discussed the opening of land routes, launching of direct flights and encouraging trade and investment in Iraq by the Saudi private sector.

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