Arabian Gulf

Saudi Arabia’s Crown Prince Mohammed Bin Salman and Iraqi PM discussed the deal of OPEC+ about the reduction of oil

Saudi state news agency SPA declared on Wednesday that Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa Al-Kadhimi discussed in a telephone call the efforts possessed to stabilize and rebalance global oil markets.

SPA also reported that the two leaders stressed the importance of compliance, by all participants, to the OPEC+ agreement and the agreed-upon compensation mechanism.

In the same context, a ministerial panel of key OPEC+ oil producers, directed by Saudi Arabia, is making a virtual meeting on Wednesday to review the oil market and the compliance of the group with the current oil supply reduction convention.

The Saudi Energy Minister reported on Wednesday that the global oil demand must recover to pre-pandemic levels as soon as the fourth quarter of 2020, exhorting OPEC members and allies to reinforce compliance with oil output reduction aimed at supporting prices

Otherwise, a draft OPEC+ statement, seen by Reuters, declared that the second prolonged wave of the pandemic was a main risk for the oil market recovery.

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