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Iraq, Russia, Saudi Discuss Energy Markets Before OPEC+ Meeting - BLOOMBERG
(Bloomberg) -- Officials from Iraq, Russia and Saudi Arabia — three of the biggest nations in the OPEC+ alliance — met in Baghdad to discuss energy markets days before the group’s year-end gathering.
Iraqi Prime Minister Mohammed Shia Al-Sudani met with Russian Deputy Prime Minister Alexander Novak and Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Tuesday, the Iraqi PM’s office said in a statement.
They discussed the condition of the global energy market, crude oil production, and meeting demand and emphasized maintaining stability and fair prices, according to the statement.
The OPEC+ alliance, jointly led by the Saudis and Russia, is due to convene on Dec. 1 to consider plans to start reviving halted production in January. The producers have already twice delayed the restart — originally planned for October — amid faltering crude prices, and several delegates privately say they’ll postpone again.
Iraq and Russia, along with fellow OPEC+ member Kazakhstan, have struggled to implement production cutbacks agreed by the alliance at the start of the year, but have shown considerable improvement in recent months. They’ve also yet to start additional curbs promised as compensation for the initial overproduction.
