Wednesday 27 Nov
Saudi Arabia, Russia, and Iraq, three key OPEC+ nations, convened in Baghdad to discuss energy markets ahead of the alliance's crucial end-of-year meeting.
Iraqi Prime Minister Mohammed Shia' al-Sudani hosted Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman on Tuesday. According to a statement from the Iraqi Prime Minister's office, the officials discussed the global energy market, oil production, and meeting demand. They emphasized the importance of maintaining market stability and fair pricing.
The OPEC+ alliance, originally
scheduled to meet in person, will now hold its meeting online this week. The
group, led by Saudi Arabia and Russia, is set to deliberate on plans to resume
halted production in January. However, due to declining oil prices, producers
have already postponed this twice. Some delegates speculate that another
postponement may be on the cards.
While Iraq, Russia, and Kazakhstan have faced challenges in adhering to the production cuts agreed upon earlier this year, their compliance rates have significantly improved in recent months. Notably, they have yet to implement additional restrictions pledged to compensate for initial overproduction.
