OPEC Secretary General, HE Haitham Al Ghais, recently completed official visits to Iraq and Kazakhstan to discuss current oil market conditions and reinforce the importance of ongoing stabilization efforts under the Declaration of Cooperation (DoC). These visits, coordinated with HRH Prince Abdulaziz bin Salman Al-Saud, Saudi Arabia’s Minister of Energy and Chairman of the OPEC and non-OPEC Ministerial Meetings, took place from August 26 to 29, 2024.
During these meetings, both Iraq and Kazakhstan reaffirmed their strong commitment to the full and timely implementation of production adjustments. These adjustments, which include compensation plans, were submitted to the OPEC Secretariat on August 22, 2024, as part of the DoC framework.
In Iraq, a founding member of OPEC, HE Al Ghais met with Prime Minister HE Mohammed Shia’ Al Sudani. The meeting, attended by Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil, HE Hayan Abdulghani Abdulzahra Alsawad, and other senior officials, emphasized Iraq’s steadfast support for the DoC’s efforts to stabilize the oil market. Prime Minister Al Sudani reiterated Iraq’s commitment to fully implementing its production adjustments, including the necessary compensation plans. HE Al Ghais also held separate discussions with HE Alsawad and high-ranking officials from the Oil Ministry and the State Oil Marketing Organization (SOMO).
Reflecting on his visit to Iraq, HE Al Ghais stated, “Returning to Iraq, the birthplace of OPEC, is always a great pleasure. I received strong assurances that Iraq remains fully committed to the DoC’s ongoing market stabilization efforts. Iraq has presented clear steps to compensate for overproduced volumes and has assured full conformity going forward.”
Earlier in the week, HE Al Ghais made his first visit to Kazakhstan as OPEC Secretary General. In Astana, he held a bilateral meeting with Kazakhstan’s Prime Minister, HE Olzhas Bektenov, accompanied by senior officials including Deputy Prime Minister and Minister of National Economy, HE Nurlan Baibazarov, Minister of Energy, HE Almassadam Satkaliyev, and Chairman of KazMunayGas, Mr. Askhat Khassenov. Prime Minister Bektenov emphasized the significant role OPEC and DoC-participating countries have played since 2016 in stabilizing the oil market. He reaffirmed Kazakhstan’s commitment to supporting these efforts and fulfilling its obligations under the DoC.
In a separate discussion, HE Al Ghais and HE Almassadam Satkaliyev focused on current oil market fundamentals and the importance of timely implementation of production adjustments, including compensation under the DoC framework.
Commenting on his visit to Kazakhstan, HE Al Ghais said, “It is a great pleasure to visit Kazakhstan and engage with the country’s leadership. My discussions with Prime Minister Bektenov and other officials have been very productive. Kazakhstan has reiterated its commitment to full conformity with its production adjustments and compensation mechanism. The country has presented a detailed plan to address overproduction and achieve full conformity in the coming months. This will play a crucial role in the DoC’s ongoing market stabilization efforts.”
Following these official visits, Iraq and Kazakhstan held separate videoconference calls with secondary sources. Both countries renewed their commitment to the DoC production adjustments and shared their detailed plans for compliance, further strengthening their dedication to the compensation plans submitted earlier in the month to the OPEC Secretariat.