On Tuesday, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud held a videoconference with Iraqi Prime Minister Mustafa Al-Kadhimi, during which the sides discussed the results of the fourth meeting of the Saudi-Iraqi coordination council.
"The parties stressed the importance of cooperation in the energy sector and exchange of experience and coordination of positions in the oil sector within the framework of OPEC and OPEC+, as well as full adherence to all agreements on which consensus has been reached, which ensures the achievement of fair oil prices that satisfy exporters and consumers on global markets," the joint statement quoted by the SPA news agency said.
Previously, Saudi Arabia's state-run oil corporation Aramco considered boosting its production capacity to 13 million barrels per day (bpd) from 12 million bpd, planning to outlast its competitors and continue making a profit despite the ongoing COVID-19 pandemic.
In September OPEC downgraded its 2020 forecast for global oil demand by 0.4 mbd, and now expects a contraction of 9.5 mbd amid second wave COVID-19 concerns and slow economic recovery in some regions.