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Iraq, Saudi committed to coordinating oil cuts

Iraq and Saudi Arabia agreed on Saturday to continue working to re-balance markets and stressed their commitment to output cuts agreed by the Organization of the Petroleum Exporting Countries, Russia and other allies, Saudi state news agency SPA said.

The comments came after Iraq’s Finance Minister Ali Allawi, who is acting oil minister, visited Saudi Arabia to discuss the oil market with the Saudi energy minister, SPA said.

Both sides said they were satisfied with improving oil market conditions, the agency added.

Saudi news channel Al Arabiya reported that Iraq had agreed to allow Saudi companies to invest in its western Akkas gas field.

The Akkas field in western Anbar province and bordering Syria is Iraq’s largest.

Source: Reuters

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