MOSCOW (Pakistan Point News / Sputnik - 05th April, 2020) Iraqi Oil Minister Thamer Ghadhban is optimistic that OPEC+ countries will be able to reach a new agreement at the alliance's upcoming meeting scheduled for Thursday, spokesman from Iraq's Oil Ministry Asem Jihad said on Sunday.
"Thamer Ghadhban, deputy prime minister for energy and the minister of oil, expressed optimism that a new agreement will be reached after conversations with the ministers of several OPEC+ countries. He described the mood as positive," Jihad said, as quoted by Iraq's INA agency.
"Producers both inside and outside OPEC+ are in the same boat. All of them should take responsibility and bring this boat ashore to ensure stability by reaching a new output cut agreement, and deciding on the right path for achieving common goals," Jihad quoted the oil minister as saying, the agency reported.
On March 6, OPEC+ countries were unable to agree on an extension of a deal to limit oil production. Restrictions were lifted as the deal expired at the end of March, leading to a collapse in the market, in conjunction with a global drop in demand due to the ongoing COVID-19 pandemic.
Both US President Donald Trump and premier of the Canadian province of Alberta Jason Kenney stated on Saturday that Washington and Ottawa may impose tariffs on oil imports from Russia and Saudi Arabia until the ongoing price dispute is resolved.
Russian President Vladimir Putin on Friday stated that oil production could be reduced by approximately 10 million barrels per day, should OPEC+ nations coordinate jointly to each reduce output. Moscow seeks long-term stability in the oil market and will continue to work with its Saudi Arabian partners, the president stated.