The Energy Ministers of Saudi Arabia and Iraq reaffirmed their support for the reduction in oil production following a bilateral meeting on Thursday. Prince Abdulaziz bin Salman said in a statement that they also stressed the significance of upholding the accord through 2023.

Both leaders also agreed to make sure OPEC had “the ability to take further measures, if required, to achieve balance and stability in the market.”

Iraq has ambitious plans to increase oil output, aiming to increase capacity from the present 5 million barrels per day to 7 million bpd by 2027.  “The increase in these production rates will take place in coordination with OPEC and according to the decisions taken in line with oil market requirements,” said the head of Iraq’s oil-exporting company, SOMO, at the time of announcing the capacity increase plans.

Last month, OPEC+ decided to cut its total crude oil production by a nominal 2 million barrels per day, which would translate into a real cut of about 1 million barrels per day. Prior to the negative effects of the COVID updates from China, this temporarily steadied oil prices.