The situation in the oil market, the OPEC+ agreement and the compensation of oil overproduction were discussed at a trilateral meeting of Energy Minister of Iraq Ziyad Ali Fadhil, Energy Minister of Saudi Arabia Prince Abdulaziz bin Salman Al Saud, and Russian Deputy Prime Minister Alexander Novak in Baghdad, the Russian government said.

Axar.az report that participants in the meeting highlighted importance of keeping stability and balance in global oil markets and noted the significant role played by the OPEC+ group in this regard.

"They also stressed importance of cooperation among OPEC+ countries and their full commitment to the agreement and voluntary reduction of production agreed by eight participating countries, and the compensation of any overproduced volumes," the government said.