Iraq and Saudi Arabia agreed on Saturday to work together to stabilize
oil markets, Iraq’s Oil Ministry spokesman Asim Jihad said, without
giving further details.
During a meeting in Baghdad, Iraq and Saudi Arabia’s oil ministers also
discussed an electricity grid connection between the two countries to
meet Iraq’s power needs, he said.
The Saudi oil minister Khalid al-Falih also met Iraqi Prime Minister Adil Abdul-Mahdi.
Iraq currently pumps around 4.6 million barrels per day (bpd) of oil,
second only to Saudi Arabia in the Organization of the Petroleum
Exporting Countries. The bulk of Iraq’s oil is exported via its southern
terminals, which account for more than 95 percent of state revenue.
Focus on southern oilfields
Earlier this week, Iraq’s Oil Minister Thamer Ghadhban said the country
plans to increase its oil output and export capacity in 2019, with a
focus on the southern oilfields, and is close to reaching a deal with
international companies.
The country is targeting production capacity of 5 million bpd in 2019,
with average exports expected to reach around 3.8 million bpd.
On Thursday, the United States granted Iraq a 45-day exemption from
sanctions which it reimposed on Iran. The exemption will allow Iraq to
continue purchasing natural gas electricity from Iran.
“This relief gives Iraq time to start taking steps towards energy
independence,” a video published on the US Embassy in Iraq’s official
Facebook page said.
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