Exploring Opportunities for Bilateral Cooperation in the Oil Industry
The Iraqi Minister of Oil, Hayan Abdul-Ghani, and the Secretary-General of OPEC, Haitham Al-Ghais, recently met to discuss strategies to enhance their collaboration in the oil sector. Their focus is on maintaining stability in international markets by coordinating with allied producing nations outside of OPEC.
During Al-Ghais’s official visit to Baghdad, discussions with Iraqi officials and representatives of the government centered on updating compensation plans for overproduction. Iraq and Kazakhstan, with reports of exceeding production limits, have submitted revised plans to OPEC for review.
In response to market demands, OPEC and additional producers like Russia, collectively known as OPEC+, have implemented output reductions since late 2022. These measures are projected to extend until the end of 2025 for market stability.
By demonstrating their commitment to adhering to production limits and compensating for past overproductions, Iraq aims to support OPEC+’s efforts towards global oil market stability. The ongoing dialogue and cooperation between Iraq and OPEC signify a joint effort to protect the interests of both producers and consumers.
For the latest updates on the oil industry, visit Iraqi News.
[ad_2]
Source link
