Iraqi Oil Minister Optimistic That OPEC+ Countries Will Reach Deal at Upcoming Meeting

MOSCOW (Sputnik) – Iraqi Oil Minister Thamer Ghadhban is optimistic that OPEC+ countries will be able to reach a new agreement at the alliance’s upcoming meeting scheduled for 9 April, spokesman from Iraq’s Oil Ministry Asem Jihad said.

According to the spokesman, Ghadhban said that any new agreement needs the support of non-OPEC+ countries such as the US, Canada and Norway, the agency reported.

Russian President Vladimir Putin on 3 April stated that oil production could be reduced by approximately 10 million barrels per day, should OPEC+ nations coordinate jointly to each reduces output. Moscow seeks long-term stability in the oil market and will continue to work with its Saudi Arabian partners, the president stated.

On 6 March, OPEC+ countries were unable to agree on an extension of a deal to limit oil production. Restrictions were lifted as the deal expired at the end of March, leading to a collapse in the market, in conjunction with a global drop in demand due to the ongoing COVID-19 pandemic.

Both US President Donald Trump and premier of the Canadian province of Alberta Jason Kenney stated on Saturday that Washington and Ottawa may impose tariffs on oil imports from Russia and Saudi Arabia until the ongoing price dispute is resolved.

Sourse: sputniknews.com