Deputy Prime Minister Alexander Novak paid a working visit to Baghdad to hold a trilateral meeting with Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al Saud and Iraqi Minister of Electricity Ziyad Ali Fadhel.
The participants underscored the importance of maintaining stability and balance on the global oil markets and highlighted the significant part played by the OPEC+ group in this regard.
They also emphasised the importance of cooperation among OPEC+ countries and their unwavering commitment to the agreement and the voluntary production cuts, including voluntary cuts agreed upon among eight member countries, as well as compensation for any overproduction.
For his part, the Iraqi Minister of Electricity reaffirmed Iraq’s full commitment to the agreement, voluntary production cuts and compensation for production increases in accordance with the updated schedule submitted to the OPEC Secretariat.