Global oil market improving, says Al-Falih

Saudi Arabia’s oil minister Khalid Al-Falih on Saturday said that the global oil market is improving and beginning to stabilize, Reuters reported.

Speaking at the opening of the Baghdad International Exhibition, Falih praised the cooperation between Iraq and Saudi Arabia, which he said had helped to boost global oil prices.

He said Saudi Arabia and Iraq agree on the need to "fully comply" with production limits set under last year’s deal, which was accepted by OPEC, Russia and other major exporters.

"The market has improved a lot but has still some way to go," Falih was quoted as saying.

Falih, who had visited Iraq earlier this year as well, also stressed the need to strengthen bilateral relations between Iraq and Saudi Arabia to serve mutual interests and develop relations.

The two countries have had strained relations since Iraq’s invasion of Kuwait in 1990, but in 2015 Iraq and Saudi Arabia began to take steps towards cooperation.

"The best example of the importance of cooperation between our two countries is the improvement and stability trend seen in the oil market,” Falih said.

OPEC, Russia and other major producers last December agreed to reduce production by about 1.8 million barrels per day starting January 2017. The cuts will continue until March 2018.