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Iraq, Saudi Arabia express full commitment to OPEC balancing act

Iraq, Saudi Arabia express full commitment to OPEC balancing act

Business
Aug. 10 (UPI) -- Oil production from Iraq and Saudi Arabia will remain subdued until the markets reach a target level that indicates a balanced market, leaders said.Saudi Prince Mohammed bin Salman bin Abdulaziz al-Saud hosted Iraqi Oil Minister Jabbar al-Luabi to discuss recent trades in shared oil policy.Saudi Arabia is the largest oil producer in the Organization of Petroleum Exporting Countries and Iraq is second. In terms of contribution to the OPEC-led effort to balance a market that's oversupplied by historic standards, Saudi is said to be cutting the most, while Iraq has been considered among the least compliant.According to the official Saudi Press Agency, both sides touched on coordination with the multilateral agreement "and the confirmation of the two countries full commitment ...