Iraq, Russia, and Saudi Arabia held a crucial meeting in Baghdad on Tuesday to discuss the importance of maintaining oil price stability, just days before the OPEC+ alliance’s upcoming meeting in early December.
The meeting was attended by Iraqi Prime Minister Mohammed Shia Al-Sudani, Russian Deputy Prime Minister Alexander Novak, and Saudi Energy Minister Prince Abdulaziz Bin Salman Al-Saud, according to a statement from Al-Sudani’s office.
The discussions focused on the global energy market conditions, crude oil production, supply to markets, and meeting demand. The participants emphasized the need for stability, balance, and fair pricing, highlighting the critical role of the OPEC+ group in achieving these goals.
Crude oil prices have recently fallen below the target set by OPEC+, currently sitting more than $20 per barrel lower than the desired price of around $95. As of Thursday’s session, Brent crude was priced at $74.2 per barrel.
Iraq reaffirmed its commitment to offsetting the increased production it implemented in 2022 and 2023 by cutting production between 2024 and September 2025, in line with OPEC+ agreements.
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