Saudi Arabia, Iraq stress full commitment to OPEC+ deal

Saudi Arabia, Iraq stress full commitment to OPEC+ deal

Saudi Arabia and Iraq have stressed their full commitment to the OPEC+ deal, Iraqi state news agency said on Friday.

FILE PHOTO:  The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside
FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo

CAIRO: Saudi Arabia and Iraq have stressed their full commitment to the OPEC+ deal, Iraqi state news agency said on Friday.

On Thursday, Iraq said it would make an additional cut in its oil production of about 400,000 barrels per day (bpd) in August to compensate for its overproduction over the past period of the OPEC+ supply reduction pact.

The Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, began a record supply cut in May to bolster oil prices hammered by the coronavirus crisis.

Under that deal, Iraq is committed to cutting output by 1.06 million bpd.

(Reporting by Samar Hassan; Editing by Tom Hogue)

Source: Reuters

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