Shafaq News / Iraq and Saudi Arabia announced, Monday, their full commitment to the "OPEC +" agreement to reduce production, aiming to rebalance oil prices in global markets.

These statement came in a telephone call between the Iraqi Oil Minister Ihsan Abdul Jabbar Ismail, and the Saudi Minister of energy Abdul Aziz bin Salman.

According to a joint statement issued by the two sides, and received by Shafaq News agency, "The Kingdom of Saudi Arabia and the Republic of Iraq confirm their full commitment to the OPEC+ agreement".

The Saudi Minister of Energy praised, "the performance of Iraq within the framework of the agreement, as the level of commitment from its part, in June, reached nearly 90%".

For his part, the Iraqi minister of oil confirmed Iraq’s commitment to the OPEC+ agreement, adding that Iraq will raise its commitment level to 100 percent starting next month, with its commitment to compensate, during the months of July, August and September, for the excess production quantities during May and June.

Additionally, two ministers affirmed that the efforts made by both countries will enhance the stability of global oil markets.

Last April, the OPEC + reached a historic agreement to reduce oil production of 9.7 million barrels/day, aiming to rebalance crude oil prices in world markets.

According to the agreement, Iraq was to reduce its crude oil production by about one million barrels/day in May and June.