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Iraq Ministry of Oil News: The Saudi Petroleum Minister Praises the Iraqi Role to Stabilize the Global Oil Market.

Dr. Al-Falih praised the Iraqi role in OPEC as one of the establishers, represented by Mr. Al-Luiebi to create a state of understanding and stability in the oil market

   Mr. Jabbar Ali Hussain Al-Luiebi the minister of oil confirmed the Iraqi keenness to strengthen the bilateral relations with the "brothers" in the Kingdom of Saudi Arabia.

   Mr. Al-Luiebi said during the press conference which was held in Baghdad at Monday the 23rd of May 2017 with the Saudi counterpart Dr.Khalid Al-Falih during his visit that, this visit represents a great start to expand the size of cooperation between the two countries as well as to enforce it and establish new horizons of cooperation between the brothers.

   Dr. Al-Falih praised the Iraqi role in OPEC as one of the establishers, represented by Mr. Al-Luiebi to create a state of understanding and stability in the oil market and making the viewpoints clear between the members, as well as the resolution to reduce the production which resulted to raise the oil prices.

   Mr. Al-Luiebi said that Iraq will extend the production cut for 9 more months and said, "We are agreed with the Kingdom of Saudi Arabia to reduce the production for 9 more months and the resolution will be discussed during the meeting of OPEC at the end of this month". He also praised the Saudi role to stabilize the oil market via their decision of cut production which is still active until now.

   Dr. Al-Falih said that his country is with the resolution of cut production for the next 9 months and it will be discussed at the 25th of May and said "we will listen to the opinions of the member countries and we hope to reach a decision to extend the period of the production cut". He said also "our visit to Iraq is a confirmation about the correlation between the two countries economically and commercially which we are aiming to extend it. We also talked to the Iraqi prime minister by the presence of the minister of oil about the future of the economic relations and the other fields to strengthen them for the bilateral interests".

   Dr. Al-Falih said also "we are aiming to be members in helping Iraq to stand, as well as to be a bypass for Iraq and the other brothers". He also pointed on the other fields which can be depended to cooperate with Iraq in many sectors.

   It is trustworthy to say that the meeting of OPEC will discuss the cut production resolution.

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