Saudi Arabia and Iraq Confirm Full Commitment to OPEC+ agreement

Iraqi News Agency said on Friday that Saudi Arabia and Iraq have confirmed their full commitment to the OPEC + agreement.

Iraq had said on Thursday that it would implement additional cuts to its oil production by about 400,000 barrels per day in August to compensate for excess production in the past period under the OPEC + agreement to cut production.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the so-called OPEC +, began a record supply cut in May to support oil prices that have been hit by the Covid-19 crisis.

Iraq cuts its production by 1.06 million barrels per day, under the agreement.