Wednesday, August 28, 2024

DINAR REVALUATION UPDATE: THE COMMITMENT OF IRAQ WITH THE OPEC+ ALLIANCE, 28 AUGUST

 Objectives of the Visit

OPEC Secretary General's Visit to Baghdad in August 2024

The Secretary-General of OPEC, Haitham Al-Ghais, embarked on a two-day visit to Baghdad in August 2024. The visit aimed to strengthen bilateral communication on developments in the oil market and to foster cooperation within OPEC and OPEC Plus. 

Al-Ghais's trip to Baghdad was part of a broader effort to enhance and expand the horizons of cooperation in OPEC and OPEC Plus.  This included discussions on strategies to maintain stability in global oil markets and ensure that member countries adhere to agreed-upon output cuts. 

Bilateral Talks

During his visit, Al-Ghais was scheduled to meet with Iraq's Oil Minister and other officials to discuss ongoing efforts to stabilize oil prices and production levels These discussions were crucial in reinforcing Iraq's commitment to the OPEC+ alliance's decision to voluntarily reduce crude oil production. 

Iraq's Commitment

Iraq has been a key player in the OPEC+ agreement, renewing its commitment to the output cut agreement in August 2024  The Ministry of Oil stated that it had taken real and tangible steps to reduce production levels while working to compensate for previous overproduction. 

Conclusion

Al-Ghais's visit to Baghdad in August 2024 was pivotal for strengthening cooperation within OPEC and OPEC Plus. It provided a platform for bilateral talks on market strategies and highlighted Iraq's renewed commitment to the OPEC+ output cut agreement, emphasizing the country's role in global oil market stability. 

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