Iraq’s Oil Minister Hayan Abdel-Ghani announced on 25 May that Saudi Aramco is seeking to invest in Iraq’s Crutch gas field and expand its capacity to 400 million cubic feet, according to RT.
“The goal of investing and developing the Crutch gas field is to reach a production capacity of 400 million cubic feet per day,” Ghani announced during the Iraqi-Saudi Coordination Council held in Jeddah.
“The initial agreement with the Kingdom of Saudi Arabia provides for participation in the investment in the Nebras project, one of the most promising strategic projects in the petrochemical industries in Iraq and the region,” he added.
Saudi Energy Minister Prince Abdulaziz bin acknowledged a few days ago the continuing cooperation between Saudi Arabia and the OPEC+ nations, emphasizing that this coordination is the foundation of oil market stability.
According to the minister, coordination is the “cornerstone” to improve global oil market stability and preserving supply balance and security in a way that supports global economic growth.
He explained that Saudi Arabia has signed several memorandums of understanding (MoU) in the energy sector with several Arab countries, including Egypt, the Sultanate of Oman, Jordan, and Iraq, to enhance cooperation in the fields of electricity, renewable energy, clean hydrogen, oil and gas, petrochemicals, and other energy-related fields.
In April, Saudi Arabia announced it could potentially cut the price of its crude to Asian countries in June, despite recent output cuts from the Organization of the Oil Exporting Countries Plus (OPEC+), Reuters reported.
The report indicates that the Saudi-based petroleum and natural gas company, Aramco, may reduce its official selling price to Asian buyers by 40 cents to the barrel following months of price increases.
Meanwhile, Iraqi Oil Minister Hayan Abdel-Ghani and his Russian counterpart Alexander Novak recently reiterated their commitment to oil output limits and the OPEC+ agreement during a phone call last week.