Iraq Was Pressured to Increase Oil Output Away from OPEC, Says Oil Minister

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
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Iraq Was Pressured to Increase Oil Output Away from OPEC, Says Oil Minister

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)

Iraq was pressured to increase its oil production outside the remit of OPEC's policy on output, Oil Minister Ihsan Abdul Jabbar said on Saturday.

He also told Al Hadath TV that OPEC was committed to providing the oil supplies needed to compensate for any shortages.

OPEC has resisted calls by the United States and the International Energy Agency to pump more crude to cool prices, which reached a 14-year peak last month after Washington and Brussels imposed sanctions on Moscow following its invasion of Ukraine.

OPEC+, which consists of the Organization of Petroleum Exporting Countries and other producers, including Russia, will
raise output by about 432,000 barrels per day in May.

Separately, Iraq said it is still maintaining its position in the Indian oil imports market despite India's increased imports of Russian oil, state news agency INA reported on Friday, citing the state-owned marketer SOMO's head, Alaa al-Yasiri.

"Several countries including India found Russian crude oil, which is now being sold with big discounts, as an alternative to competing crude oils," Al-Yasiri said.

But Iraq is keeping up its high market share in India thanks to the contracts it has with government and private refineries, Al-Yasiri said.



Saudi Arabia Allocates 3 Mining Complexes in Eastern and Madinah Regions

The Ministry of Industry and Mineral Resources building in Saudi Arabia. (SPA)
The Ministry of Industry and Mineral Resources building in Saudi Arabia. (SPA)
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Saudi Arabia Allocates 3 Mining Complexes in Eastern and Madinah Regions

The Ministry of Industry and Mineral Resources building in Saudi Arabia. (SPA)
The Ministry of Industry and Mineral Resources building in Saudi Arabia. (SPA)

Saudi Arabia’s Ministry of Industry and Mineral Resources has designated three sites for mining complexes in the Eastern and Madinah regions. This initiative aims to enhance the investment environment in the mining sector, improve transparency, attract investors, and support mining licenses for building materials quarries.

According to ministry spokesperson Jarrah Al-Jarrah, developing these mining complexes will help regulate the building materials quarry sector, strengthen governance in mining, and increase investor confidence.

The initiative is expected to attract further investments while ensuring sustainability by focusing on environmental protection, occupational health and safety, and community participation in the sector’s growth under the Mining Investment Law.

Al-Jarrah added that the allocated sites include a location southeast of Madinah, covering 108.25 square kilometers, a site in the Eastern Province south of Khafji, spanning 4.84 square kilometers, and another site southwest of Khafji, covering 4.28 square kilometers.

By allocating these sites, the ministry aims to stimulate local economic development by creating job opportunities for residents in nearby areas, increasing local procurement, and fostering effective community engagement.

The initiative also emphasizes adherence to environmental regulations, ensuring responsible mining practices, and implementing rehabilitation and closure plans for mining sites.