Saudi Arabia, Iraq stress importance of sticking to OPEC+ oil production cuts

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Saudi Arabia Energy Minister Prince Abdulaziz bin Salman met with his Iraqi counterpart, the pair stressing the importance of sticking to the OPEC+ decision to cut oil production, the Saudi Press Agency reported on Friday.

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The Saudi minister met with Hayan Abdul Ghani al-Swad, Iraq’s Minister of Oil in the Kingdom, where the duo in reference to oil production cuts, also pointed to “the ability to take further measures, if required, to achieve balance and stability in the market,” SPA reported.

OPEC+ - an alliance between the Organization of Petroleum Exporting Countries (OPEC) members and their allies – in October announced plans to cut oil production until the end of 2023 after weeks of lobbying by US officials against such a move.

The US accused Saudi Arabia of kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine, although, the Saudi foreign ministry at the time stressed the “purely economic context” of the oil cut.

During their latest meeting the two sides also “discussed matters of common interest in the fields of energy and agreed to continue to carry out important projects in gas, petrochemicals, electricity and renewables,” SPA reported.

A statement from the countries “commended the progress achieved in the Saudi-Iraqi power grid interconnection project,” and “stressed the importance of promoting Saudi-Iraqi cooperation on electricity and renewable energy,” according to the SPA report.

Both sides also agreed to promote cooperation between the countries on clean technologies to manage hydrocarbon emissions, which include establishing a knowledge hub and a regional carbon capture utilization and storage (CCUS) hub for managing and reducing emissions to address climate change

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