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He went to negotiate with “OPEC+” to raise the level of production
The first 09/14/2023
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Baghdad: Rula Wathiq
With the development of oil depots and ports, the Ministry of Oil is moving during the next stage to negotiate with the Organization of Petroleum Exporting Countries (OPEC Plus) to raise the level of Iraqi production of crude oil.
Alaa Al-Haidari, a member of the Oil, Energy and Natural Resources Committee in the House of Representatives, told Al-Sabah: “Iraq is currently committed to what was approved by the recent OPEC agreement in Vienna to reduce voluntary production by 211 thousand barrels per day,” indicating that Iraq is now able to negotiate with... The organization will restore or increase the previous production quantity, especially after developing the transport lines to the third, fourth and fifth ports and rehabilitating the Al-Faw oil depot so that its production reaches 4.5 million - 6 million barrels per day.
He pointed out that the Ministry of Oil is planning to renegotiate with the organization, and the possibility of changing the oil agreement with it and raising production to approximately 5-6 million barrels per day, pointing out that his committee is awaiting the Ministry’s actions in this regard and monitoring them continuously.
Last April, the main oil producers in the OPEC+ alliance announced a voluntary reduction in oil production by 1.649 million barrels per day, starting from the beginning of May until the end of 2023.
The OPEC Plus alliance includes the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, and pumps about 40% of the total global crude oil production.
On a parallel level, Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, met yesterday, Wednesday, with a delegation from Total Energy and discussed with him the company’s plans to implement projects recently concluded with Iraq.
During the meeting, the prospects for relations and joint cooperation in the oil and energy sector were discussed, as well as Total Energy’s plans and programs in implementing contracts recently concluded with national oil companies, for gas investment and field development, seawater transportation and treatment, and a solar energy investment project to generate electricity.
Edited by: Abdul Rahman Ibrahim
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