Russian Dep PM Novak discusses global oil market with Saudi energy minister, Iraqi PM ahead of OPEC+ meeting

MOSCOW. Nov 26 (Interfax) - Russian Deputy Prime Minister Alexander Novak has held talks in Iraq with the Iraqi Prime Minister Mohammed Shia Al Sudani, the Iraqi prime minister's press service said.

Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud also took part in the discussion.

"The meeting was devoted to a discussion of the conditions for the global energy market and oil production and supply to markets to meet demand. The participants emphasized the importance of maintaining stability, balance and fair pricing, underlining the key role that the OPEC+ alliance plays in achieving these goals," it said.

According to images accompanying the statement, the Russian delegation included Energy Minister Sergei Tsivilev, who is co-chairman of the Russian-Iraqi intergovernmental commission, and his first deputy Pavel Sorokin.

The talks took place ahead of the full-scale OPEC+ ministerial meeting, expected to take place on December 1. Iraq and Russia are among the countries that have allowed production to exceed quotas agreed in the past months. Compensation schedules have been introduced for them, as well as for Kazakhstan.

Iraq reaffirmed its "seriousness and determination to fully comply with the agreement, implement the voluntary cuts, and compensate for excess production in line with the updated schedule submitted by the Republic of Iraq to the OPEC Secretariat," the Saudi Energy Ministry said in a statement.

The meeting also highlighted the significance of cooperation among OPEC+ member states and their full commitment to the agreement, including the voluntary production cuts agreed upon by eight member states, as well as compensating for "any increases in production," it said.