[size=52]Saudi Arabia and Iraq to complete the steps of cooperation in gas and renewable energy[/size]
[size=45]They affirmed commitment to the recent “OPEC Plus” decision, which extends to the end of 2023.
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Part of the Saudi Energy Minister’s meeting with the Iraqi Oil Minister in Riyadh recently (SPA)
Saudi Arabia and Iraq agreed to complete work on a number of important joint projects in the fields of gas, petrochemicals, electricity and energy. and intensify communication between the two sides to discuss more joint opportunities in these areas and translate them into tangible partnerships in order to achieve the directions of the leaderships of the two countries and the aspirations of their peoples.
The Saudi-Iraqi assurances came in a joint statement issued on the meeting of Prince Abdulaziz bin Salman bin Abdulaziz, the Saudi Minister of Energy, and Eng.
The two sides referred to 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 to accommodate the aspirations of the two brotherly countries in the international electrical interconnection and the export of electric energy.
The two sides also 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. They 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 for carbon capture, use and storage, with the aim of Managing and reducing emissions to combat the effects of climate change.
They stressed 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.
The two sides reviewed developments in the global oil markets, stressing the importance of working collectively within the framework of the OPEC Plus agreement, and the commitment of their countries to the recent decision of the OPEC Plus group, which extends to the end of 2023, which was supported by the member states of OPEC Plus, in addition to the possibility of taking other measures to ensure achieving balance. And stability in global markets if the need arises.
On the other hand, oil rose in trading on Friday, trimming some of the week's losses that were driven by concerns about Chinese demand and expectations that the high price ceiling proposed by the Group of Seven countries for Russian oil will keep supplies flowing.
Brent crude futures rose to $86.34 a barrel, while US West Texas Intermediate crude futures jumped to $78.77 a barrel, as of the time of preparing this report.
A settlement for WTI was not reached until Thursday due to the Thanksgiving holiday in the United States, at a time when diplomats from the Group of Seven and the European Union discussed a ceiling for Russian oil prices between $ 65 and $ 70 a barrel, aimed at reducing revenues that finance Moscow's military offensive in Ukraine without Disruption of global oil markets.
"The market considers (the price ceiling) very high, which reduces the risk of Moscow taking retaliatory measures," ANZ Research analysts said in a note to clients.
Russian President Vladimir Putin said that Moscow will not supply oil and gas to any country that joins the imposition of a price ceiling, which was confirmed by the Kremlin on Thursday.
Analysts (ANZ Research) also said that there are indications that the increase in cases of Covid-19 in China, the largest oil importer in the world, is beginning to affect the demand for fuel, adding, “These are headwinds for oil demand, and there are to The weakness of the dollar is a negative backdrop for crude prices.
Trading is expected to remain cautious before an agreement on the price ceiling, which is scheduled to enter into force on December 5, when the European Union embargo on Russian crude begins, and before the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in what is known as a grouping. (OPEC) on the fourth of the same month.
The OPEC alliance had agreed in October to reduce the production target by two million barrels per day until the end of 2023.[/size]
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