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Oil market demand improves, surplus supply falls: Iraq minister

CAIRO (Reuters) – Iraqi Oil Minister Ehsan Abdul Jabbar said on Sunday that the oil market has seen an improvement in demand and a decline in surplus and reserves.

His statement follows an agreement by OPEC+ ministers on Sunday to boost oil supplies from August.

Abdul Jabbar said, “The meeting emphasized the strengthening of collective cooperation, admiration of countries’ compliance with the agreement, and the positive development in rising crude oil demand as well as the decline in stocks and oil surpluses, which is a positive and positive development.” An impressive indicator.” .

Overall compliance with the OPEC+ deal, including Mexico, reached 113% in June, citing Abdul Jabbar in an Iraqi oil ministry statement.

“This reaffirms everyone’s eagerness to successfully tackle the challenges facing the oil market,” Abdul Jabbar said.

(Reporting by Omar Fahmi and Naira Abdullah; Editing by Hugh Lawson and Jane Merriman)

(Only the title and image in this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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