OPEC's top two producers agreed Thursday (August 10th) to strengthen their commitment to production cuts, as the oil cartel reported a collective increase in output last month in a setback for its deal to pump less, AFP reported.
The pledge from Saudi Arabia and Iraq, the first and second largest OPEC producers, came after their oil ministers met in the Red Sea city of Jeddah.
Saudi Energy Minister Khalid al-Falih and his Iraqi counterpart Jabbar al-Luaybi also vowed to ensure co-ordination of their nations' oil policies, according to the Saudi Press Agency, as the neighbouring countries seek to upgrade strategic ties.
OPEC states and other oil producers agreed in November to cut output until March 2018.
But despite the commitment, crude production by OPEC members saw an uptick in July.
Output from the 14 cartel members hit 32.87 million barrels per day last month, OPEC said in its monthly report on the oil market, up from 32.69 in June.
Saudi Arabia and Iraq have suffered economic pain because of sliding oil prices.
The minister also met with Saudi Crown Prince Mohammed bin Salman in Jeddah to discuss "joint opportunities in the economic fields and energy in particular", SPA reported.
