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oil market stability

Saudi Arabia, Iraq to work for oil market stability

BAGHDAD: Iraq and Saudi Arabia agreed on Saturday to work together to stabilise oil markets, Iraq’s Oil Ministry spokesman Asim Jihad said, without giving further details. During a meeting in Baghdad, Iraq and Saudi Arabia’s oil ministers also discussed an electricity grid connection between the two countries to meet Iraq’s power needs, he said. The Saudi oil minister Khalid al-Falih also met Iraqi Prime Minister Adil Abdul-Mahdi. Iraq currently pumps around 4.6 million barrels per day (bpd) of oil, second only to…