Amid coronavirus pandemic, Gulf energy ministers, Iraq see improving global economy

Energy ministers from Gulf oil producing countries including Saudi Arabia and Iraq held a call on Friday and said they were encouraged by recent signs of improvement in the global economy, stressing the importance of compliance with the OPEC+ cuts.

The ministers from Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman and Iraq reviewed developments in the oil market, the continued recovery in oil demand and the global economy, according to a joint statement carried by Saudi state news agency SPA and the Iraqi oil ministry.

Read more: Iraq to deepen oil output cuts in August, September to compensate for overproduction

“The ministers are very encouraged by the recent signs of improvement in the global economy and commend the efforts taken by countries all over the globe to reopen their economies in a safe way” amid the coronavirus pandemic, the statement said.

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They also emphasized the importance of full compliance by all members of the supply reduction pact between the Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, and for those countries who overproduced before to compensate by cutting deeper in the coming months.

Iraq said earlier on Friday that it would cut production by another 400,000 barrels per day in both August and September to compensate for its overproduction in the past three months.

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