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Iraq Says it is Committed to OPEC+ Cuts

FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo
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Iraq Says it is Committed to OPEC+ Cuts

FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo

Iraq said Monday that it was committed to OPEC+ group’s supply agreement and that it would present an updated plan to compensate for any overproduction of its quotas in recent months.

Baghdad, OPEC's second largest producer, said its oil minister Hayan Abdel-Ghani had spoken with Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al-Ghais.
Iraq said it will continue its efforts to compensate the accumulated overproduction while taking into account an anticipated handover of oil for export from the Kurdistan Regional Government (KRG).
OPEC+, which groups together members of the Organization of Petroleum Exporting Countries and allies such as Russia, is set to begin scheduled supply increases in April.
OPEC+ is currently cutting output by 5.85 million barrels per day (bpd), equal to about 5.7% of global supply, agreed in a series of steps since 2022.
In December, the group extended its latest layer of cuts through the first quarter of 2025, pushing back a plan to begin raising output to April, the latest of several delays due to weak demand and rising supply outside the group.
Baghdad is waiting for Türkiye's approval to restart oil flows from the Iraqi Kurdistan region after a two-year halt which started in March 2022 when the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad $1.5 billion in damages for unauthorized exports between 2014 and 2018.

An Iraqi oil ministry official earlier told Reuters around 185,000 barrels per day would be exported from Kurdistan's oilfields through the Iraq-Türkiye pipeline once the oil shipments resume.

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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)

Egypt has reported significant progress in the construction of the El-Dabaa nuclear power plant in the country’s northwest, a project being developed in cooperation with Russia. The government announced on Tuesday that more than 20% of the project has been completed.

Egypt and Russia signed a cooperation agreement on November 19, 2015, to establish the nuclear power station at a cost of $25 billion, funded through a Russian government loan. The final agreements for El-Dabaa were signed in December 2017.

The plant will consist of four nuclear reactors with a total generation capacity of 4,800 megawatts, each producing 1,200 megawatts. The first reactor is scheduled to begin operations in 2028, with the remaining units coming online gradually as part of Egypt’s energy mix.

In its quarterly performance report, the Egyptian government stated that the project aligns with efforts to expand the peaceful use of nuclear energy within the national power grid.

President Abdel Fattah al-Sisi emphasized in November the importance of executing energy projects efficiently and on schedule, calling them a pillar of Egypt’s development strategy. He underscored the need to adhere to the project timeline while ensuring the highest standards of execution and workforce training.

Also in November, Prime Minister Mostafa Madbouly reaffirmed Egypt’s commitment to the project, stating that El-Dabaa would enhance renewable energy capacity and stabilize the national power grid.

In early March, Russia’s Atomstroyexport announced that construction on the second reactor at El-Dabaa had progressed ahead of schedule. According to the Egyptian Nuclear Power Plants Authority, the second tier of the inner containment structure had been installed at the reactor building.

Egypt experienced widespread power outages last summer, which ended in late July after securing sufficient fuel supplies for its power plants.

The El-Dabaa project is part of Egypt’s strategy to diversify its energy sources, generate electricity to meet domestic demand, and reduce reliance on imported gas and other fuels.

On Tuesday, the government also announced an additional 200 megawatts of private-sector solar power capacity as part of its efforts to expand renewable energy. Officials said the move would support energy diversification and advance the country’s sustainable development strategy.