Iraq Wants Exemption From “OPEC +” Agreement

Iraq Wants Exemption From “OPEC +” Agreement


Iraq Wants Exemption From OPEC + AgreementIraqi Oil Minister Ihsan Abdul-Jabbar revealed that there are efforts to exempt Iraq from the OPEC + production cut agreement for a period of 3 months.

This came according to what was reported by the Iraqi News Agency, “Conscious,” today, Wednesday, from the Iraqi newspaper, Al-Sabah.

The Iraqi minister said that the country is seeking an exemption from the “OPEC +” agreement during the first quarter of 2021, indicating that all OPEC ministers from the major producers have been approached in three consecutive meetings.

However, Abdul-Jabbar confirmed that Iraq will commit to the reduction during the next three months.

The countries of the “OPEC +” group, including Iraq, agreed last April to reduce production from last May until the end of April 2022 to support the oil markets that are facing a decline in demand due to the Corona pandemic.

With regard to the construction of the Basra-Aqaba crude export pipeline, he said that the ministry had begun to receive commercial and technical offers for the construction of the pipeline, whose capacity is estimated at one million barrels.

It is expected that in the first quarter of next year, the project will be fully referred, so that it can be implemented immediately.

He added that the pipeline will extend for a distance of 1700 km, and the implementation will be on the Iraqi side at the expense of the Ministry of Oil, while on the Jordanian side it will be in the form of investments.