Saudi Arabia, Iraq affirm commitment to OPEC+ decision

Published November 25th, 2022 - 08:50 GMT
Opec+
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Riyadh: Saudi Energy Minister Prince Abdul Aziz Bin Salman and Iraqi Deputy Prime Minister and Oil Minister Hayyan Al-Sawad stressed the importance of working collectively within the framework of the (OPEC+) agreement and the commitment of their countries to the group's last decision, which extends to the end of 2023.

In a joint statement issued on Friday morning, the two ministers pointed out to the possibility of taking other actions that will guarantee achieving balance and stability in global markets.
Both sides discussed issues of mutual concerns in the field of energy and agreed on completing the important joint projects in gas, petrochemicals, electricity, renewable energy, and strengthening connection for more search, and opportunities.

They appreciated the progress made in the electrical interconnection project between the two countries, stressing the importance of speeding up the implementation of the project and increasing the capacity of the interconnection line in the future.

They agreed also to enhance cooperation in the field of clean technologies to manage emissions of hydrocarbons, stressing the importance of exchanging experiences in the field of reducing greenhouse gas emissions, and benefiting from the Kingdom's experience in the liquid fuel displacement program.

Last October, the (OPEC+) alliance decided, to reduce oil production rates by two million barrels per day, starting from this November, with the aim of supporting prices.
 

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