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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)
Frequently Asked Questions about Iraq, Saudi, Russia stress need for stable oil market ahead of OPEC+ meeting
1What is OPEC+?
OPEC+ is a coalition of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing nations, including Russia, aimed at coordinating oil production to stabilize prices and manage supply.
2What is the importance of stable oil markets?
Stable oil markets are crucial for maintaining fair prices, ensuring consistent supply, and supporting global economic stability, as fluctuations can lead to economic uncertainty and impact consumers and businesses.
3What are oil output cuts?
Oil output cuts refer to the reduction in production levels by oil-producing countries to manage supply and influence prices, often implemented by OPEC+ to stabilize the oil market.
4What is the role of Saudi Arabia in OPEC+?
Saudi Arabia plays a leading role in OPEC+ as one of the largest oil producers, often influencing decisions regarding production levels and strategies to stabilize the global oil market.
