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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