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Iraq and Saudi Arabia, as the leading crude producers within OPEC, are advocating for a unified stance to uphold stability in the oil market. This push for alignment was voiced by Iraq’s Prime Minister, Mohammed Shia Al Sudani, after his meeting with Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, in Baghdad.
During their discussions, Al Sudani welcomed the participation of Saudi companies in the Iraqi market, recognizing the vast investment prospects available. He also highlighted the ongoing development of economic cooperation between the two nations, particularly in the investment and energy sectors.
Al Sudani emphasized the necessity of maintaining oil market stability under OPEC's framework, emphasizing its importance for both producers and consumers. This appeal comes following OPEC+'s decision in December to implement voluntary output cuts of around 2.2 million barrels per day for the first quarter of 2022, in addition to the earlier agreed-upon 3.66 million bpd reduction.
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