OPEC announced commitment to the oil-cut agreement reached a historic level last month, as Saudi Arabia and Iraq stressed the importance of full compliance with the agreement struck between the Organization of the Petroleum Exporting Countries (OPEC) and allies abroad.
Speaking at the Baghdad International Exhibition on Saturday, Saudi Oil Minister Khalid Al-Falih said that oil markets are improving and stabilizing.
“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.
On the other hand, the Iraqi Oil Ministry said in a statement that Falih and his Iraqi counterpart Jabar al-Luaibi agreed to cooperate on implementing the decisions of oil-exporting countries to reduce production in order to raise oil prices. Saudi Arabia and Iraq are OPEC's two largest oil producers.
Falih had arrived in Baghdad to participate in the 44th session of the Baghdad International Fair.
He said his visit "underscores the depth of bilateral relations and joint coordination across all fields, including decisions on reducing production."
Falih is the first Saudi official to deliver a public speech in Iraq for decades.
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.
The two countries began taking steps toward detente in 2015 after 25 years of troubled relations starting with the Iraqi invasion of Kuwait in 1990. Falih visited Iraq earlier this year.