Iraq mediating between Saudi Arabia and Iran to support oil prices

2016/9/28 8:42

[Where - Baghdad]

Iraqi Oil Minister Ali Jabbar Laibi said, yesterday evening, that Iraq is mediating between Saudi Arabia and Iran in order to reach an agreement to raise the price of crude during a meeting of oil producing countries in Algeria.

Iran on Tuesday rejected a Saudi proposal to impose restrictions on oil production in return for Riyadh cut supplies which overthrew the market in hopes to reach two major producers in OPEC to the middle of this week to help ease the glut of global supply of crude solution.

He said Assem Jihad, spokesman for the Iraqi Oil Ministry, quoting a statement from Laibi who attends the meeting of Algeria that "Iraq seeks to bridge the gap in views between Iran and Saudi Arabia, in order to reach a compromise formula between them so as to serve the interests of oil-producing countries and support the stability of the market."

He added that he is still "there are some obstacles," but gave no details.

Organization of Petroleum Exporting Countries conducting Petroleum informal talks on Wednesday in the Algerian capital. The members meet with producers from outside the sidelines of the International Energy Forum, which includes producers and customers.