Iraq Says Oil Prices Above $80 is 'a Positive Indicator'

A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo
A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo
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Iraq Says Oil Prices Above $80 is 'a Positive Indicator'

A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo
A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo

Iraq's oil ministry spokesman said that an oil price above $80 is "a positive indicator" but needs long-term stability.

The oil ministry cited Asim Jihad on its Telegram channel as also saying that Iraq aims to achieve the highest financial revenues by committing to the OPEC+ agreement.

He added that the challenges of the global oil market are still present due to not fully containing the coronavirus and its variants.

Earlier this month, OPEC+ stuck to its agreement of increasing production by 400,000 bpd a month as it unwinds production cuts.

In the meantime, Minister of Oil Ihsan Abdul-Jabbar “emphasized the importance of working on increasing transparency and sharing information on oil activity between the government and the Kurdistan Regional Government regarding oil activity and the revenues generated from it."

During his meeting with Kurdistan’s Minister of Natural Resources Kamal Atroshi, Abdul-Jabbar emphasized the importance of “working together for an optimal investment of natural and hydrocarbon resources throughout Iraq to support and promote the national economy,” according to a statement issued by the Iraqi oil ministry.

Abdul-Jabbar also said that both sides should work together to invest in clean energy and reduce emissions.

For his part, Atroshi said that Kurdistan and the ministry are willing to cooperate with the federal government to boost cooperation for the sake of developing the oil industry.

Iraq’s Ministry of Oil announced the conclusion of maintenance at the Khawr Al Amaya Oil Terminal (KAAOT), at a time when Basrah Oil Company inaugurated a new ship specialized in dealing with oil leakages.



Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
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Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.

XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.

On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.

Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported.

ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months.

XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.

The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.

ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.