Russia's Novak, Iraqi oil minister discuss oil and gas cooperation, reaffirm commitment to OPEC+ reductions

MOSCOW. May 19 (Interfax) - Deputy Russian Prime Minister Alexander Novak and Iraqi Oil Minister Hayyan Abdulgani held a telephone conversation on Friday to discuss cooperation in the oil and gas industry, the Iraqi Oil Ministry said in a statement.

"The participants discussed relations between the two countries and ways to strengthen and develop them, especially in the oil and gas sector, as well as developments in the oil markets and challenges facing the global economy," it said.

They reaffirmed their commitment to the OPEC+ agreement, including the previously announced voluntary oil production cuts.

"Deputy Prime Minister Alexander Novak emphasized the importance of the collective action, cooperation and solidarity of OPEC+ oil-producing countries in achieving a balance between supply and demand and the stability of global oil markets," the ministry said.

Russia has said it would voluntarily reduce oil production by 500,000 barrels per day in March compared with February, and extended the measure first until July, then until the end of the year.

Other OPEC+ countries then joined Russia, including Iraq, which began cutting production by 211,000 bpd from May 1. In addition, since the beginning of the month, oil production has also begun to decline Saudi Arabia by 500,000 bpd, in Kazakhstan by 78,000 bpd, the UAE by 144,000 bpd, Kuwait by 128,000 bpd, Algeria by 48,000 bpd, Oman by 40,000 bpd and Gabon by 8,000 bpd. The overall reduction will be approximately 1.657 million bpd, or 1.2 million bpd excluding Russia. Countries will maintain this level of production until the end of 2023.