An Iraqi-Saudi statement affirming full commitment to OPEC+ decisions, strengthening cooperation

Baghdad-INA
 
Oil Minister Hayan Abdul Ghani and Saudi Energy Minister Abdulaziz bin Salman affirmed on Friday, commitment to OPEC Plus decisions and strengthening cooperation in the field of energy and electrical interconnection.
 
Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Swad visited the Kingdom of Saudi Arabia, in response to an invitation sent by the Saudi Minister of Energy, Prince Abdulaziz bin Salman. During the visit, a meeting was held between the two sides, chaired by the two ministers, and at the end of the meeting a joint statement was issued,” the Ministry of Oil stated in a statement, received by the Iraqi News Agency (INA).

The statement  added, "The two sides 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".
 
Both sides 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.
The two sides also agreed to "strengthen cooperation between the two countries in the area of clean technologies to manage hydrocarbon emissions, within the framework of the initiatives of the" Green Middle East " based on the carbon circular economy approach, 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".
 
They also stressed the importance of exchanging experiences in the field of reducing greenhouse gas emissions, including carbon, reducing methane emissions, reducing gas flaring , and benefiting from the Kingdom's experience in the liquid fuel displacement program.
 
The statement continued "The two sides reviewed the latest developments in the global oil markets", emphasizing "the importance of working collectively within the framework of the OPEC Plus Agreement and the commitment of both countries to the recent OPEC Plus decision, which runs until the end of 2023 and has been endorsed by OPEC Plus member States, as well as the possibility of further actions to ensure balance and stability in global markets, if the need arises"