Saudi Arabia says oil market improving, agrees with Iraq on compliance with cutbacks
(Adds comments, context on global output curbs)
By Ahmed Rasheed
BAGHDAD, Oct 21 (Reuters) - The global oil market is
improving and stabilising, Saudi Oil Minister Khalid al-Falih
said in Baghdad on Saturday.
In a speech at the opening of the Baghdad International
Exhibition, Falih praised the cooperation between Iraq and Saudi
Arabia, which he said had helped to boost global oil prices.
Speaking later to reporters, he said Saudi Arabia and Iraq
were in agreement on the need to "fully comply" with cutbacks in
crude output agreed by OPEC, Russia and several other producers
to push up prices.
"The market has improved a lot but has still some way to
go," he said.
Falih is the first Saudi official to make a public speech
in Baghdad for several decades.
The two countries began taking steps towards detente in 2015
after 25 years of troubled relations starting with the Iraqi
invasion of Kuwait in 1990. Falih visited Iraq earlier this
"The best example of the importance of cooperation between
our two countries is the improvement and stability trend seen in
the oil market," said Falih, to applause from the audience of
Iraqi ministers, senior officials and businessmen.
Saudi Arabia and Iraq are the largest and second largest
producers of the Organization of the Petroleum Exporting
The Iraqi oil ministry said in a statement Falih and his
Iraqi counterpart, Jabar al-Luaibi, agreed to cooperate in
implementing decisions by oil exporting countries to curb global
supply in order to lift crude prices.
OPEC, Russia and other producers have reduced production by
about 1.8 million barrels per day (bpd) since the start of 2017,
helping to boost oil prices. The cutbacks should continue until
(Writing by Maher Chmaytelli; Editing by Ros Russell)
First Published: 2017-10-21 11:31:36
Updated 2017-10-21 14:05:49
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