On Wednesday, the Iranian Minister of Petroleum, Javad Owji, expressed gratitude to Iraqi authorities for reducing oil production. He indicated that both countries had the same views on OPEC and the larger OPEC+ group, including allies like Russia.
During a Tehran ceremony, Owji made remarks to sign agreements with Iraqi Oil Minister Hayan Abdul-Ghani.
According to Owji, Iraq and Iran have similar stances regarding OPEC and OPEC+.
The Iranian minister discussed additional OPEC and OPEC+ issues with his Iraqi counterpart and the accompanying delegation.
As a part of a voluntary agreement made by the members of the OPEC+ group, Iraq has announced that it will start reducing its oil production by 220,000 barrels per day (bpd) from January to March.
Both parties have reached an agreement to establish expert committees, with one committee assigned to the development of shared oil and gas fields following international protocols to ensure fair rights for both parties. Another committee will be responsible for utilizing natural gas, petrochemical industries, and renewable energy, while a third committee will concentrate on the rehabilitation and growth of oil refineries.
Cooperation will occur in oil marketing, pipelines, and exploration, according to Abdul-Ghani.
Owji expressed optimism that the development of shared oil and gas fields will start soon.
