Saudi Arabia and Iraq will cooperate to balance oil market

Published: 25 May 2020 - 7 a.m.
By: Carla Sertin
Saudi Arabia and Iraq agreed to coordinate with all oil producing countries to restore balance to the oil market, the Saudi Press Agency (SPA) reported.

The deal was struck during a meeting between Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Deputy Prime Minister Ali Allawi.

The agreement aims to improve "basic factors in the petroleum market with start of implementing the OPEC-plus accord and agreed on the necessity to pursue action with all producers to speed up restoration of markets' balance, affirming their countries' firm commitment to implementing the agreement", the SPA wrote.

SPA also quoted Foreign Minister Prince Faisal bin Farhan as affirming a desire to reinstate the Saudi ambassador to Iraq as soon as possible.

The two sides also discussed land border checkpoints, customs, and partnership between the private and public sectors.

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