Iraq and Kazakhstan adhere to the compensation plan of the OPEC Plus oil supply agreement
According to Webangah News quoted by Mehr News Agency quoted by the Secretariat of the Organization of Petroleum Exporting Countries (OPEC), Haytham Al-Ghais in coordination with Prince Abdulaziz bin Salman, Saudi Energy Minister and Chairman of the OPEC and non-OPEC (OPEC Plus) ministerial meeting, According to the statement of cooperation, it was concluded to negotiate on the conditions of the oil market and emphasize the vital importance of ensuring the success of the efforts aimed at stabilizing the oil market by the members of OPEC+, and made an official visit to Baghdad and Astana. be.
In the meetings of Al-Ghis with Iraqi and Kazakh officials during 26 and 29 August 2024 (5th and 8th of Shahrivar) both countries on their unconditional commitment to complete and timely implementation of the compensation program They emphasized.
Iraq and Kazakhstan 22 August (September 1) plans a..”>updated were sent to the OPEC Secretariat to compensate for a violation of production quotas.
The Secretary General of OPEC visited Baghdad separately with Mohammad Shia Al-Sudani, the Prime Minister of Iraq, and Hayan Abdul Ghani Abdul-Zahra Al-Sawad, the Deputy Prime Minister of Iraq for Energy Affairs and the Minister of Oil of this country and officials A high-ranking official of Iraq’s state oil marketing company (SUMO) met and discussed.
Al-Sudani on Iraq’s full commitment and unwavering support for OPEC Plus efforts to support oil market stability And he emphasized the full and timely implementation of the compensation programs of this country to compensate for the violation of the production quotas.
Al-Ghis And the birthplace of this organization is always a source of happiness, he stated: Iraq assured about the efforts to maintain the stability of the oil market and the commitment to the production quotas, and at the same time clear and determined steps to compensate for the violation of the quotas.
Al-Ghais before Baghdad during a trip to Astana with Oljas Bkhtenov, Prime Minister of Kazakhstan, met and talked. Nurlan Baybazarov, Deputy Prime Minister and Minister of National Economy, Almasdam Satkalif, Minister of Energy Askhat Khasnov, chairman of the board of directors of the state company “Kazmonai Gas” (KazMunayGas) were also present in this meeting.
The prime minister of Kazakhstan during this meeting discussed the key role of OPEC+ members in the form of a statement of cooperation between OPEC and non-OPEC member states since 2016 in order to ensure stability in the global oil markets and to overcome the challenges ahead.
The Secretary General of OPEC and the Minister of Energy of Kazakhstan during a separate meeting discussed the current foundations of the oil market and emphasized the vital importance of timely implementation of oil production compensation plans.
Alghees while expressing his satisfaction with the trip to Astana, he said: meeting and talking with the Prime Minister and others Kazakhstan’s oil and government officials were very productive, and they emphasized the country’s commitment to adhere to production quotas and compensation program mechanisms.
He added: “Kazakhstan also presented a detailed plan on how to compensate for the excess supply and, as a result, achieve full compliance in the next few months, which will play an important role in the efforts to It will stabilize the global crude oil markets.
Following these official meetings, Iraq and Kazakhstan had separate discussions with secondary sources in the form of video conference, in which the two countries emphasized their commitment to compensation programs. and shared their detailed plans as part of their efforts.
