OPEC+ welcomes Iraq’s commitment and maintains production levels without modification
OPEC+ Joint Ministerial Committee welcomed, on Monday, the improvement in Iraq’s level of commitment, while keeping production levels unchanged.
A statement by the Joint Ministerial Committee for Monitoring Production followed by the Iraqi News Agency (INA): stated that “the Joint Ministerial Committee for Monitoring Production held its fifty-eighth meeting via video call, where it reviewed crude oil production data for the months of November and December 2024, praising the high level of commitment by OPEC member states and non-OPEC producing countries participating in the Declaration of Cooperation.”
The Committee welcomed, according to the statement, the improvement in the level of commitment by Iraq and Kazakhstan, including additional voluntary adjustments, and stressed the importance of compensating for excess production quantities, in accordance with the previous agreement.
The Committee confirmed its continued monitoring of compliance with the production adjustments agreed upon during the 38th OPEC and non-OPEC Ministerial meeting held on December 5, 2024, and will follow up on additional voluntary adjustments announced by some participating countries to ensure stability in the oil market.
The Committee decided to replace Rystad Energy and the US Energy Information Administration (EIA) with Kpler, OilX, and ESAI to be among the secondary sources used in assessing production levels and commitment, starting from February 1, 2025.
The Committee renewed its commitment to the Declaration of Cooperation until the end of 2026, and it was decided to hold the next meeting (the fifty-ninth) on April 5, 2025, to continue following up on the implementation of the agreements and enhance market stability.
Oil Minister: Production cost in some areas may reach $20 per barrel
Former Iraqi Oil Minister Abdul Jabbar Al-Luaibi confirmed that the cost of oil production in some areas of the country could reach $20 per barrel.
Al-Luaibi said in an interview followed by Al-Maalouma Agency that the costs “differ from one field and location to another, but on average, in some areas they reach four dollars per barrel, and in other areas they reach seven dollars.”
He explained that the cost “in Wasit, Al-Zubair and East Baghdad, where there are deep excavations and complex areas, may reach twenty dollars.”
Regarding the number of oil patches in Iraq and the size of investments, Al-Luaibi said that there are “about 520 geographical patches with oil evidence, but only 73 of them are currently invested in, and in fact not all of them are invested in accordance with investment plans.”
Yesterday, Sunday, the House of Representatives voted on the draft law amending the first law of the Federal General Budget Law for the fiscal years 2023, 2024, 2025, No. 13 of 2023, in a step that allows the resumption of the export of oil from the Kurdistan Region.
Prime Minister stresses Iraq’s aspiration for more integration in economic and trade relations with the Sultanate of Oman
Prime Minister Mohammed Shia Al-Sudani stressed Iraq’s aspiration for more integration in economic and trade relations with the Sultanate of Oman.
A statement by his media office said: “Al-Sudani received, today, Sunday, the Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al-Yousef, and his accompanying delegation.”
During the meeting, according to the statement, relations between the two countries and ways to consolidate cooperation in various sectors, especially the economic and trade field, were discussed in a way that enhances the level of partnership and exchange, and confronts economic challenges in the region.
“Al-Sudani welcomed the guest minister, stressing Iraq’s aspiration for more integration in economic and trade relations with the Sultanate of Oman, pointing to the resources of development in the Iraqi investment environment, especially after the comprehensive reforms it has witnessed.”
For his part, Al-Yousfi conveyed the greetings of Sultan of Oman Haitham bin Tariq to Al-Sudani, reiterating his country’s desire to increase cooperation in various fields.