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Iraq Stresses Commitment to OPEC+, Does Not Oppose Extending Production Cuts

Iraqi Oil Minister Hayyan Abdul-Ghani during his participation in the licensing round for 29 oil and gas exploration areas on Saturday. (Reuters)
Iraqi Oil Minister Hayyan Abdul-Ghani during his participation in the licensing round for 29 oil and gas exploration areas on Saturday. (Reuters)
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Iraq Stresses Commitment to OPEC+, Does Not Oppose Extending Production Cuts

Iraqi Oil Minister Hayyan Abdul-Ghani during his participation in the licensing round for 29 oil and gas exploration areas on Saturday. (Reuters)
Iraqi Oil Minister Hayyan Abdul-Ghani during his participation in the licensing round for 29 oil and gas exploration areas on Saturday. (Reuters)

Iraqi Oil Minister Hayyan Abdul-Ghani resolved a debate that arose on Saturday after comments he made about his country’s refusal to agree to any new cuts in production, when the OPEC+ alliance meets in June.

In remarks to Iraq's state news agency INA, the minister said the country is committed to voluntary oil production cuts agreed by OPEC and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets.

On Saturday, both Bloomberg and Reuters reported that Abdul-Ghani stated, at a press conference in Baghdad during the launch of a licensing round for oil and gas exploration, that Iraq would not support extending the reduction in oil production during the upcoming OPEC Plus meeting.

INA quoted the minister as saying that the Ministry of Oil “is keen on the cooperation of member states and working to achieve greater stability in the global oil market by agreeing on voluntary reduction programs.”

A high-level source had previously informed Asharq Al-Awsat that what was reported about Abdul-Ghani was inaccurate, adding that a clarification statement would be issued in this regard.

The members of the OPEC+ alliance are scheduled to meet in early June to decide on oil production during the third quarter of the year. OPEC and its allies, led by Russia, are widely expected to extend current quotas to help boost the oil market.

Iraq has faced difficulties in complying with its target of 4 million barrels per day (bpd) in recent months, which includes a voluntary reduction of 223,000 bpd of oil below production levels for December 2023.

In April, Iraq pumped 4.24 million bpd of crude oil, including 200,000 bpd from the semi-autonomous Kurdistan region, over which the Iraqi federal government says it has no control.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.