Iraqi Oil Minister, Jabar El Luaibi, visited Saudi Arabia on August 8th to discuss the oil market and OPEC’s efforts to stabilize prices, Reuters reports.
During the visit, he met with the Saudi Oil Minister, Khalid El Falih.
El Luaibi and a delegation of Iraqi energy officials visited Saudi Arabia at the invitation of El Falih, according to Iraq’s Economic Center.
According to the Iraqi Oil Ministry, the ministers were to discuss “ways to strengthen and develop bilateral relations between the two brotherly countries, especially in the field of oil and gas, in a way that serves their common interests,” Reuters reports.
In a statement released by El Luaibi, he also noted that the ministers were to discuss OPEC’s efforts to stabilize the global oil prices, Iraq’s Economic Center reports.
The visit comes as Saudi Arabia seeks to increase pressure on countries that are failing to make the production cuts they committed to as part of January’s production-cut agreement. The International Energy Agency (IEA) estimates that Iraq is only 29% compliant with the agreement, Egypt Oil & Gas reports.