BAGHDAD (Reuters) – The global oil market is improving and stabilizing, Saudi Oil Minister Khalid al-Falih said in Baghdad on Saturday.
In a speech at the opening of the Baghdad International Exhibition, Falih praised the cooperation between Iraq and Saudi Arabia, which he said, contributed to “the improvement and stability we are seeing in the oil market”.
Falih is the first Saudi official to make a public speech in Baghdad for several decades. The two countries began taking steps towards detente in 2015 after 25 years of troubled relations starting with the Iraqi invasion of Kuwait in 1990.
Saudi Arabia’s Oil Minister Khalid al-Falih and his Iraqi counterpart Jabar al-Luaibi, agreed on Saturday to cooperate on implementing decisions by the Organization of Petroleum Exporting Countries to curb oil global oil supply, Iraq’s oil ministry said.