Page 12 - MEOG Week 47 2022

MEOG NEWS IN BRIEF MEOG

POLICY program. talked about the next meeting of the group
The two sides reviewed the developments and expectations regarding it, it suggested
Saudi, Iraq to co-operate in in the global oil markets, stressing the that prices next year would be between 85-95
importance of working collectively within
dollars on Less appreciate.
gas, renewables the framework of the OPEC+ agreement, and company and the representative of Iraq in
The deputy general manager of the
underlined their countries’ commitment to
Saudi Arabia and Iraq have agreed to complete the organization’s decision, which extends to OPEC, Saadoun Mohsen, told Al-Iraqiya
work on a number of important joint projects the end of 2023. News, and was followed by the Iraqi News
in the fields of gas, petrochemicals, electricity ASHARQ Agency (INA), that “OPEC+’s decision to
and renewable energy, and to intensify reduce production by two million barrels
communication between them to discuss per day had an important role in stabilizing
more joint opportunities. OIL global markets and the reduction included all
This came during a meeting on Thursday countries at varying rates and according to the
between Saudi Energy Minister Prince Saudi energy minister amount of their production.”
Abdulaziz bin Salman, and Iraq’s Deputy He added: “OPEC Plus produces 43
Prime Minister for Energy Affairs and Oil denies output increase million barrels per day, and the proportion of
Minister Hayan Abdul Ghani Al-Sawad. what Iraq produces is 11% of it, and therefore
The officials pointed to the progress discussion it is the same percentage of reduction by the
achieved in the joint electrical interconnection decision to reduce production by two million
project, emphasizing the importance of Saudi Arabian energy minister Prince barrels.”
accelerating the implementation of the plan Abdulaziz bin Salman said the kingdom is not He pointed out that “Iraq did not reduce its
and increasing the capacity of the linkage to discussing a potential oil output increase with exports according to this reduction, but rather
meet the aspirations of their countries. other OPEC oil producers, state news agency reduced domestic production and invested in
A statement said that the officials stressed SPA reported, denying a Wall Street Journal the rise in prices by stabilizing the export rate,
the need to enhance bilateral cooperation in report earlier on Monday. a strategy that succeeded in achieving high
the fields of electricity and renewable energy, “It is well-known that OPEC+ does not financial revenues.”
including operating and maintaining electrical discuss any decisions ahead of the meeting,” He continued, “The OPEC Plus group
networks and stations, and developing the prince was quoted as saying, referring to meets every two months to assess the global
renewable energy plant projects. the group’s next meeting in December. market in terms of supply and demand,
They also agreed to strengthen cooperation “The current cut of 2 million barrels per and there are severe fluctuations due to the
in the area of clean technologies to reduce day by OPEC+ continues until the end of 2023 repercussions of the Corona pandemic, the
carbon emissions, within the framework and if there is need to take further measures slowdown in the global economy, and the
of the Green Middle East initiative, by reducing production to balance supply and Russian-Ukrainian war, which added burdens
which is based on the carbon circular demand we always remain ready to intervene.” to price stability.”
economy approach and which includes the REUTERS He pointed out that any future decision
establishment of a knowledge center and a regarding maintaining the current reduction,
regional complex for carbon capture, use and Somo: OPEC+ decision did adding a new reduction, or increasing the
storage. quantities produced will take into account the
The meeting touched on the importance not reduce Iraq’s exports market situation and aim to create balance.
of exchanging experiences in the field of There is a meeting of the OPEC Plus group on
reducing greenhouse gas and methane Iraq’s state oil marketer Somo said this week December 3-4, which will study the current
emissions, and benefiting from the Kingdom’s that the OPEC+ decision to cut production situation and issue balanced decisions.
experience in the liquid fuel displacement did not reduce Iraq’s oil exports, and while it Regarding expectations for oil prices next

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