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8/8, 12:10 PM (Source: TeleTrader)
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GCC, Iraq to stay committed to OPEC+ deal

Energy ministers of Iraq and the Gulf Cooperation Council (GCC) member countries, with the exception of Qatar, said in a joint statement on Saturday that they will remain committed to honoring the oil production cut agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+).

Heads of oil ministries of Bahrain, Kuwait, Oman, Saudi Arabia and the United Arab Emirates, along with their Iraqi counterpart, reiterated that countries that previously missed out on output reduction levels will compensate for it in the coming months.

"Full compliance to the OPEC+ deal [...] would speed up the recovery of the global oil market to the best interest of oil consumers and producers alike, the energy industry and the world economy," it was said in the press release.

Breaking the News / MS