Saudi Arabia’s Falih discusses oil pact, investment with Iraqi counterpart

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Saudi Arabia’s Energy Minister Khalid al-Falih said on Thursday that talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output.

“The talks... came out with an agreement in the vision between the two countries aimed at ensuring the stability of world oil markets and consolidating the gains made in the recent period,” Falih said in a statement.

The talks focused on “the need to intensify efforts to urge all parties to strengthen their commitment to the agreement to reduce production, to maintain the balance of global energy markets.”

Falih, who is also the minister of industry and mineral resources, said the economic relationship between the two countries “will witness more cooperation in the field of trade exchange... and joint investments.”

Iraqi oil minister Jabar Luaibi met with Saudi Crown Prince Mohammad bin Salman during his visit to Saudi Arabia, which started on Tuesday, the statement from the Energy Ministry said.

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