Shafaq News / The Iraqi Minister of Oil said that OPEC and allies are keen to abide by the agreement over production cuts to achieve stability and balance in the global oil markets, especially in light of the challenges facing the oil market due to Covid-19 pandemic.

The Minister of Oil, Ihsan Abdul-Jabbar, after an online meeting for the ministerial committee of monitoring Oil production, said that the ministerial committee praised the commitment of OPEC+, including Mexico, to the production cuts agreement. The percentage of commitment for August, according to independent secondary sources, reached 102%, which is a good percentage that positively affects the reality of the oil market.

The Minister of Oil indicated that the meeting assured the producers of full commitment to the agreement according to the announced rates, as well as compensation for the unreduced quantities for the past period.

For his part, Director General of the Oil Marketing Company, Alaa Al-Yasiri, said that today's meeting was held in the presence of Saudi Energy Minister, Abdulaziz bin Salman, and Russian Energy Minister, Alexandre Novac.

The meetings reviewed the monthly report prepared by the Joint Technical Committee and discussed the developments in oil sector, the expectations for the last quarter of the current year 2020, as well as the production rates for last August.

Al-Yasiri added that it was agreed to hold the ministerial meeting during the period from October 15 to 19.