Iraq Denies Asking OPEC for Exemption From Pact Aimed at Reducing Output

Oil tanks are seen at the gas field of Siba in Basra, Iraq April 25, 2018. REUTERS/Essam Al-Sudani /File Photo
Oil tanks are seen at the gas field of Siba in Basra, Iraq April 25, 2018. REUTERS/Essam Al-Sudani /File Photo
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Iraq Denies Asking OPEC for Exemption From Pact Aimed at Reducing Output

Oil tanks are seen at the gas field of Siba in Basra, Iraq April 25, 2018. REUTERS/Essam Al-Sudani /File Photo
Oil tanks are seen at the gas field of Siba in Basra, Iraq April 25, 2018. REUTERS/Essam Al-Sudani /File Photo

Iraq's Oil Minister Ihsan Abdul Jabbar said that Iraq didn't ask OPEC for exemption from a pact aimed at reducing output.

His statements were made following Iraq’s Finance Minister Ali Abdul Amir Allawi announcing that Iraq is feeling the strain under OPEC+ deal.

"We have reached the limit of our ability and willingness to accept a policy of one-size-fits-all," Iraq's finance minister said at a Chatham House Iraq conference this week. "It has to be more nuanced and it has to be related to the per-capita income of people, the presence of sovereign wealth funds, none of which we have."

Oil prices are expected to reach about USD50 at the beginning of 2021 amid a mild recovery in global demand, the oil minister said.

He added that the commitment of members to the deal would help boost oil prices and Iraq was not seeking exemption “fearing from new retreat in oil prices.”

Under the current OPEC+ agreement, Iraq was required to cut output by more than 1mn b/d in May-July and by 849,000 b/d in August-December from an October 2018 baseline of 4.65mn b/d.

The results of the OPEC+ coalition’s output-cuts deal have been positive and stabilizing for the oil market, given the impact the coronavirus pandemic has had on producers and importers of crude, Jabbar said.

Iraq has exported an average of 2.88 million barrels a day in November. Exports from Basra ports to the south reached 2.77 million barrels a day in November, citing the oil minister.



Aramco Inaugurates Regional Center for Sustainable Fishery Development on Abu Ali Island

tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
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Aramco Inaugurates Regional Center for Sustainable Fishery Development on Abu Ali Island

tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco

Saudi Aramco announced on Thursday the inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture.

Through this collaboration, Saudi Aramco aims to highlight its investments in citizenship initiatives and its efforts to drive economic growth, support local fishermen and their livelihoods, build expertise, and adopt the best practices to enhance production and cultivate fish of marketable sizes that can compete globally.

The center is part of the company's broader efforts to protect marine life in the Arabian Gulf. It involves the establishment of a fish hatchery on Abu Ali Island in Jubail, located on the Arabian Gulf coast, designed to produce local fish species that have experienced population declines due to fishing practices and to reintroduce them into Gulf waters.

The center's operations are designed to encompass the complete fish life cycle within designated tanks, from broodstock for egg production to larval rearing using plankton produced on-site and finally to the release of juvenile fish into the Arabian Gulf. The hatchery employs advanced aquaculture technologies to ensure fish health, and it utilizes top-tier water recycling techniques to enhance performance and meet the company's circular economy objectives.

The project aligns with Saudi Aramco's mangrove plantation initiative, under which more than 43 million trees have been planted to date. Mangrove forests provide vital nursery habitats for the juvenile fish released into the Gulf, further supporting the sustainability of marine ecosystems.