A joint statement from Saudi Arabia and Iraq regarding the position on the “OPEC Plus” agreement

Dubai, United Arab Emirates (CNN) – Saudi Energy Minister Prince Abdulaziz bin Salman stressed, during a meeting with his Iraqi counterpart Hayan Abdul Ghani, who is visiting the Kingdom, the importance of working collectively within the framework of the (OPEC Plus) agreement, and the commitment of their two countries to the decision of the OPEC Plus group. The latter, which extends to the end of 2023, as well as the possibility of taking other measures to ensure the achievement of balance and stability in global markets, if the need arises.

And the Saudi Press Agency (SPA) said, on Thursday: “The two sides discussed issues of common interest in the fields of energy and agreed to complete work on a number of joint projects of importance, in the fields of gas, petrochemicals, electricity and renewable energy, and to intensify communication between the two sides to discuss more joint opportunities.” In those areas and translating them into tangible partnerships in order to achieve the directions of the leaderships of the two brotherly countries and the aspirations of their peoples.

According to a joint statement published by “SPA”, the two sides appreciated “the progress made in the electrical interconnection project between the two countries, stressing the importance of expediting the implementation of the project and increasing the capacity of the interconnection line in the future to accommodate the aspirations of the two countries in international electrical interconnection and the export of electric energy.”

The statement added, “The two sides stressed the importance of enhancing cooperation between the two countries in the fields of electricity and renewable energy, including the operation and maintenance of electrical networks and stations, and cooperation in projects and development of renewable energy stations.”

According to the joint statement: “It was agreed to enhance cooperation between the two countries in the field of clean technologies to manage emissions of hydrocarbons, within the framework of the initiatives emanating from the (Green Middle East) initiative, which is based on the circular carbon economy approach, which includes the establishment of a knowledge center and a regional complex.” To capture, use and store carbon, with the aim of managing and reducing emissions to combat the effects of climate change, stressing the importance of exchanging experiences in the field of reducing greenhouse gas emissions, including carbon, reducing methane emissions, reducing gas burning in flares, and benefiting from the Kingdom’s experience in the liquid fuel displacement program. .

In Iraq, the Ministry of Oil said, in a statement published by the Iraqi News Agency (INA): “Iraq and Saudi Arabia agreed to speed up and turn memorandums of understanding into practical reality.”

The media office of the Ministry of Oil said, in a statement received by the Iraqi News Agency (INA), that “Minister Hayan Abdul-Ghani affirmed the government and the ministry’s keenness to develop bilateral relations with Saudi Arabia in all fields, especially the oil, energy and petrochemical industries.”

The Iraqi minister called on “Saudi companies to invest in the oil and gas sector, through the implementation of joint projects,” noting that Iraq “seeks to provide an appropriate environment for the work of Arab and international companies.”

On cooperation and coordination with Saudi Arabia, he said, “Iraq is supportive of the decisions and agreements of OPEC and OPEC Plus, because they aim to achieve a balance between supply and demand, and lead to more stability in global markets.”

It is noteworthy that the OPEC Plus group of major oil producers, which includes Saudi Arabia and Russia, decided in early October to cut production by two million barrels per day, starting in November.

Saudi Arabia, the UAE and Kuwait recently denied reports that there were discussions between members of the “OPEC Plus” alliance to increase oil production.

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