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Saudi, Iraqi Energy Ministers Stress Importance of Working within OPEC+ Framework

Saudi, Iraqi Energy Ministers Stress Importance of Working within OPEC+ Framework

Friday, 25 November, 2022 - 05:45
Saudi Energy Minister Prince Abdulaziz bin Salman and his Iraqi counterpart Hayan Abdel-Ghani meet on Thursday. (SPA)

Saudi Energy Minister Prince Abdulaziz bin Salman and his Iraqi counterpart Hayan Abdel-Ghani stressed on Thursday the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday.


The two sides also pointed to, "the ability to take further measures, if required, to achieve balance and stability in the market," according to the statement.


Abdel-Ghani is on a visit to the Kingdom that he began on Wednesday.


OPEC+, an alliance that groups together Organization of Petroleum Exporting Countries (OPEC) members and their allies, including Russia, next meets on Dec. 4 in Vienna.


In its last meeting on Oct. 5 an output cut of 2 million barrels a day was agreed.


Prince Abdulaziz said earlier this week the group remains ready to take further measures if needed to balance supply and demand.


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