GCC and Iraq oil ministers reaffirm commitment to OPEC+ deal

GCC and Iraq oil ministers reaffirm commitment to OPEC+ deal

Author: Sat, 2020-08-08 09:43

DUBAI: Oil ministers from the Gulf Cooperation Council and reaffirmed their commitment to the OPCE+ deal during a virtual meeting, state news agency SPA reported.

Saudi Minister of Energy Abdulaziz bin Salman Al-Saud, UAE Minister of Energy and Infrastructure Suhail Al-Mazrouei, Kuwaiti Oil Minister Khaled Al-Fadhel, Bahraini Oil Minister Mohammed Al-Khalifa, Omani Oil and Gas Minister Mohammed Al-Rumhi and Iraqi Oil Minister Ihsan Ismail discussed renewed global demand for oil and the progress of implementing the OPEC+ agreement.

The ministers agreed that members that failed to fully comply with production cuts in May, June and July will accelerate their output reduction.

"Full compliance to the OPEC+ deal, including making up for the limited progress on adherence, would speed up the recovery of the global oil market to the best interest of