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09 Jun 2020

New Oil Minister confirms Iraq’s full commitment to OPEC and non-OPEC decisions

Vienna, Austria, 9 June 2020--Iraq’s new Minister of Oil, HE Ihsan Abdul Jabbar Ismaael, confirmed in a phone call with HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy and Chairman of the OPEC and non-OPEC Ministerial Meeting, his country’s full commitment to the decisions taken at the 11th OPEC and non-OPEC Ministerial Meeting held on Saturday, 6 June 2020.

HE Ismaael said that the two Ministers discussed the current conditions and recent developments related to the oil market, in addition to the efforts undertaken by OPEC Member Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation to restore balance and stability to the global oil market.

The Minister highlighted Iraq’s support of these efforts and its commitment to the voluntary oil production adjustments of June and July 2020, as well as the voluntary adjustments for the period following the end of July, despite the economic and financial challenges. He added that these adjustments are in the interest of oil market stability.

The Ministers also discussed other issues of mutual interest and ways to cement the bilateral ties and strengthen cooperation between the two countries, which are both OPEC Founder Members.