Saudi Arabia, Iraq, and Russia stress commitment to OPEC+ oil supply agreement
In a trilateral meeting held in Baghdad, Saudi Arabia, Iraq, and Russia highlighted the importance of fully committing to the OPEC+ oil supply agreement. The meeting was attended by Saudi Energy Minister Prince Abdulaziz bin Salman, Russian Deputy Prime Minister Alexander Novak, and Ali Maarij Al-Bahadli, Iraq’s director of distribution affairs at the Ministry of Oil.
The participants reaffirmed the significance of continued cooperation among OPEC+ countries and their full commitment to the voluntary agreements and production cuts, including those agreed upon by the eight countries, as well as compensating for any production increases.
Al-Bahadli reiterated Iraq’s determination to fully adhere to the agreement, voluntary cuts, and compensation for any production increase, in line with the updated schedule submitted by Iraq to the OPEC Secretariat.
Oil prices stabilize after reports of potential ceasefire in Israel-Hezbollah conflict
On Tuesday, oil prices rose, steadying after falling more than $2 a barrel in the previous session. This was due to reports of a potential ceasefire between Israel and Lebanon’s Hezbollah.
Brent crude futures were up 53 cents, or 0.7 percent, at $73.54 a barrel as of 1231 GMT. US West Texas Intermediate crude futures were at $69.46 a barrel, up 52 cents, or 0.75 percent.
Prices fell sharply on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict. A senior Israeli official said Israel looks set to approve a US plan for a ceasefire on Tuesday.