Iraq, Saudi, Russia stress need for stable oil market ahead of OPEC+ meeting

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Investing

Posted By Uma Rajagopal

Posted on November 26, 2024

Iraq, Saudi, Russia stress need for stable oil market ahead of OPEC+ meeting

By Nayera Abdallah and Maha El Dahan

DUBAI (Reuters) -OPEC+ members Iraq, Saudi Arabia and Russia agreed in a meeting in Iraq on Tuesday on the importance of maintaining stable oil markets and fair prices, Iraq’s Prime Minister Office said on Tuesday.

The talks come ahead of Sunday’s meeting of OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, where OPEC+ sources say it will weigh a possible further delay to plans to raise oil output.

Iraqi Prime Minister Mohammed Shia al-Sudani, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, and Russian Deputy Prime Minister Alexander Novak attended the meeting.

They discussed “the conditions of global energy markets and matters related to the production of crude oil, its flow to markets, and meeting demand,” the prime minister’s office said.

“The importance of maintaining stability, balance, and fair prices was emphasised, while stressing the vital role played by the OPEC+ group in this regard,” the office added.

Russian energy minister Sergei Tsivilev and deputy energy minister Pavel Sorokin were also present, according to a photo posted on the X account of the Iraqi prime minister’s media office.

OPEC+, which pumps around half the world’s oil, has already delayed a plan to gradually lift production by several months this year because of falling prices, weak demand and rising production outside the group.

Despite OPEC+’s cuts and delays to output hikes, oil prices have mostly stayed in a $70-$80 per barrel range this year and on Tuesday were trading below $74 a barrel, not far above a 2024 low reached in September.

Azerbaijan’s Energy Minister Parviz Shahbazov told Reuters on Monday OPEC+ may at Sunday’s meeting consider leaving its current oil output cuts in place from Jan. 1. The meeting will be held online, OPEC+ sources said.

(Reporting by Nayera Abdallah and Maha El Dahan. Additional reporting by Vladimir Soldatkin. Writing by Alex Lawler. Editing by Jason Neely and Mark Potter)

Recommended for you