Iraqi Prime Minister, Adil Abd al-Mahdi, is set to visit the Kingdom of Saudi Arabia (KSA) today in order to discuss the means of reducing regional tensions following the attack on the Aramco oil facilities last week.
On Thursday 5th April, Saudi Arabia opened a new consulate in the Iraqi capital Baghdad. Furthermore, the gulf nation announcing that their country will give $1 billion in loans for development projects throughout Iraq.
OPEC and its allies unlikely to agree official output increase but will feel the pressure to avoid a spike in crude oil prices ahead of US sanctions on Iran taking effect. The organisation's members will meet this weekend in Algeria.
Saudi Energy Minister Khalid Falih announced that his country resumed oil exports via the Bab el-Mandeb Strait, amid Egyptian fears that a decrease in traffic in the popular shipping corridor could impact Suez Canal revenues.