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Khalid Al-Falih (right) with Jabar Al-Luaibi. Image: Twitter

Khalid Al-Falih (right) with Jabar Al-Luaibi. Image: Twitter

Saudi energy minister discusses oil market with Iraq



Saudi Arabia's energy minister has said that he had discussed efforts to stabilise oil markets with his Iraqi counterpart during a joint meeting.

Khalid Al-Falih posted a picture of himself on Twitter greeting Iraqi Oil Minister Jabar Al-Luaibi and said the two had discussed "the importance of uniting the efforts of all countries for market stability".

Iraq's oil ministry on Tuesday said Luaibi had departed for Saudi Arabia to discuss oil market developments and Opec's efforts to stabilise the market.

Meanwhile, former Iraqi oil minister Ibrahim Bahr Al Olum said it was necessary for Iraq to regain an old pipeline that used to export Iraqi crude through Saudi Arabia, Saudi-owned Al Hayat newspaper reported.

"I have discussed this issue before with the Saudi side," said Al Olum, who is currently a member of parliament, adding that he expected that Riyadh would have a more "positive response" towards this issue given an improved political environment between the two major Opec producers.

The Iraqi Pipeline in Saudi Arabia (IPSA) has not carried Iraqi crude since Saddam Hussein invaded Kuwait in 1990. The pipeline was confiscated by Saudi Arabia in 2001 as compensation for debts owed by Baghdad. - Reuters