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Newly appointed oil minister Ihsan Abdul Jabbar affirmed in a phone call with his Saudi counterpart, Prince Abdul Aziz bin Salman, that Iraq was also committed to the production cut deal agreed after June and July.
The Saudi minister stressed on Monday that the Kingdom’s determination to rebalance global oil markets in the wake of the successful weekend meeting of members of the OPEC+ alliance.
“First and foremost, our purpose is to ensure the stability of the markets,” he told journalists at the first-ever virtual press conference of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia.
OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day into July, curbing global supply by almost 10 percent amid a steep slump in demand due to the coronavirus pandemic.
The ministers discussed the conditions and developments of the oil market and the efforts of the producers in (OPEC +) to restore its stability and balance, Abdul-Jabbar said in a statement cited by Iraqi state news agency. The Iraqi minister also stressed Iraq’s support for the efforts of members in this framework.