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. 1 This included discussions on strategies to maintain stability in global oil markets and ensure that member countries adhere to agreed-upon output cuts. 6

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. 1 These discussions were crucial in reinforcing Iraq's commitment to the OPEC+ alliance's decision to voluntarily reduce crude oil production. 6

Iraq's Commitment

Iraq has been a key player in the OPEC+ agreement, renewing its commitment to the output cut agreement in August 2024 . 6 The Ministry of Oil stated that it had taken real and tangible steps to reduce production levels while working to compensate for previous overproduction. 6

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. 1