Saudi, Iraq vow to cut oil output

Riyadh: Opec’s top two producers agreed on Thursday to strengthen their commitment to production cuts, as it reported a collective increase in output last month in a setback for its deal to pump less.

The pledge from Saudi Arabia and Iraq came after their oil ministers met in Jeddah. Oil producers agreed in November to cut output until March 2018, in its long-haul gambit to erode a world oil glut and boost prices. But despite the commitment, crude production by Opec members saw an uptick in July, including by Saudi Arabia which had championed efforts by the cartel and allied independent producers to extend an output freeze. — AFP