Middle East

Oil market sees improved demand, decline in surplus supply- Iraq minister

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Iraqi Oil Minister Ihsan Abdul Jabbar gestures as he stands next to Iraq's Prime Minister Mustafa al-Kadhimi at the central station gas processing plant at Rumaila oilfield in Basra, Iraq, November 5, 2020. REUTERS/Essam Al-Sudani//File Photo

CAIRO, July 18 (Reuters) - Iraqi Oil Minister Ihsan Abdul Jabbar said on Sunday that the oil market has seen an improvement in demand and a decline in surplus and stockpiles.

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

"The meeting emphasised strengthening collective cooperation, praising the countries' compliance with the agreement, and the positive development in increasing demand for crude, as well as the decline in stocks and oil surplus, which is a positive and influential indicator," Abdul Jabbar said.

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

"This confirms everyone’s keenness to successfully overcome the challenges facing the oil market," Abdul Jabbar said.

Reporting by Omar Fahmy and Nayera Abdallah; Editing by Hugh Lawson and Jane Merriman

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