Dubai, December 27 (Reuters) – Iranian Oil Minister Javad Owji expressed his appreciation to Iraqi officials on Wednesday for their commitment to reducing oil output. The acknowledgment came during the signing of several preliminary agreements between the two nations in Tehran, according to state media.
Owji, as he signed the agreements with his Iraqi counterpart, highlighted the shared stance of Iran and Iraq on matters concerning the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, which includes key allies such as Russia.
“Iran and Iraq have a common position regarding OPEC and OPEC+. We thank the Iraqi officials for the voluntary cuts they implemented to improve (oil) prices. We have had negotiations about future issues related to OPEC and OPEC+,” Owji stated, refraining from providing specific details.
Iraq previously announced its intention to initiate voluntary reductions in oil production by 220,000 barrels per day (bpd) from January to March. This commitment is part of a broader voluntary agreement within the OPEC+ group, aimed at stabilizing oil markets.
The agreements signed in Tehran encompass memoranda of understanding (MoU) focused on the development of shared oil and gas fields, with a particular emphasis on Sindbad in Iraq and Khorramshahr in Iran, as reported by Iran’s Borna news agency. Specific details about these agreements were not disclosed.
Expressing optimism about the collaboration, Owji mentioned, “We reached acceptable agreements on the renovation of Iraqi refineries by Iranian experts, and a committee to follow up on this issue has been created.”
The minister’s hopeful outlook suggests potential advancements in the development of shared oil and gas fields and the refurbishment of Iraqi refineries, underscoring the ongoing cooperation between Iran and Iraq in the energy sector.