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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 Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.