Saudi Arabia's Energy Minister Khalid al-Falih has said that the recent talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output.
"The talks... came out with an agreement in the vision between the two countries aimed at ensuring the stability of world oil markets and consolidating the gains made in the recent period," Falih has reportedly said in a media statement.
The talks focusesd on "the need to intensify efforts to urge all parties to strengthen their commitment to the agreement to reduce production, to maintain the balance of global energy markets."
Falih, who is also Saudi Arabia’s minister of industry and mineral resources, said the economic relationship between the two countries "will witness more cooperation in the field of trade exchange... and joint investments."
Iraqi oil minister Jabar Al Luaibi met with Saudi Crown Prince Mohammad bin Salman during his visit to Saudi Arabia last week, the statement from the kingdom’s Energy Ministry said.