Saudi Arabia & Iraq agree to take all measures to stabilize oil market

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Saudi ROSHN with Tsangs Group & HKAC
Rep. Image | Courtesy: ekrem osmanoglu @ Unsplash

Saudi Arabia and Iraq have agreed to take all necessary measures to achieve balance and stability in the global oil market.

Saudi Energy Ministry Prince Abdulaziz bin Salman and Iraqi Deputy Prime Minister for Energy Affairs and Oil Minister Eng. Hayan Abdul Ghani Al-Swad made this decision during a meeting held in Riyadh. The two sides reviewed developments in global oil markets, according to a joint statement.

As per the statement, “They stressed the importance of continuing collective action within the framework of the OPEC+ agreement, and the adherence of their countries to the recent decision made by OPEC+ that extends to the end of 2023, which has the endorsement of all member states.”

The two sides discussed matters of common interest in the fields of energy and agreed to carry out important projects in gas, petrochemicals, electricity, and renewables.

Further, they discussed ways to enhance communication between both sides to explore further shared opportunities in these fields to forge tangible partnerships in ways to realize the directives of the leaderships of the two countries and the ambitions of their peoples.

The two sides also stressed the importance of promoting Saudi-Iraqi cooperation on electricity and renewable energy, including the operation and maintenance of power grids and plants and cooperation on developing renewable energy plants.

According to the statement, “They also agreed to promote cooperation between the two countries on clean technologies to manage hydrocarbon emissions, within the initiatives stemming from the Middle East Green Initiative (MGI), based on the Circular Carbon Economy (CCE) framework. These initiatives include establishing a knowledge hub and a regional carbon capture utilization and storage (CCUS) hub for managing and reducing emissions to address climate change.”

Further, the two sides stressed the importance of exchanging expertise in reducing greenhouse gas (GHG) emissions, reducing methane emissions and gas flaring, and benefiting from the Kingdom’s experience in the Liquid Fuel Displacement Program.

Related: EGA acquires Clean Energy Certificates for 1.1mn MWh of electricity by EWEC