OPEC+ members Iraq, Saudi Arabia, and Russia met in Iraq on Tuesday to discuss the importance of maintaining stable oil markets and ensuring fair prices, according to Iraq’s Prime Minister’s Office. The discussions come just days before Sunday’s OPEC+ meeting, where the group is expected to consider delaying plans to increase oil output.
The meeting was attended by Iraqi Prime Minister Mohammed Shia al-Sudani, Saudi Energy Minister Prince Abdulaziz bin Salman, and Russian Deputy Prime Minister Alexander Novak. They addressed global energy market conditions, oil production, supply chains, and meeting global demand.
Emphasizing the need for market stability, balance, and fair pricing, the officials acknowledged the critical role of OPEC+ in maintaining these conditions. Russian Energy Minister Sergei Tsivilev and Deputy Minister Pavel Sorokin were also present at the talks, as per a photo shared by the Iraqi Prime Minister’s media office on X.
OPEC+, responsible for around half of the world’s oil production, has previously postponed plans to increase output due to falling prices, weak demand, and growing production outside the group. Despite these measures, oil prices have remained within the $70-$80 per barrel range this year, with current trading just below $74 a barrel.
Azerbaijan’s Energy Minister Parviz Shahbazov indicated that OPEC+ may consider maintaining its current output cuts starting January 1. The upcoming meeting will be conducted online, with OPEC+ sources noting that the group’s decision will weigh heavily on market conditions going into 2024.
