Iraqi oil and finance ministers visit Riyadh for high-level meetings

Baghdad (IraqiNews.com) — Iraqi Oil Minister Bassem Mohammed Khudair Al-Abbadi and Finance Minister Falih al-Sari arrived in Riyadh on Friday as part of a senior government team to discuss energy and economic cooperation. Iraqi ministers met with Saudi Energy Minister Prince Abdulaziz bin Salman and Finance Minister Mohammed Al-Jadaan to discuss cooperation in oil, gas, power, and other energy-related sectors. The visit comes as Baghdad wants to improve its commercial and energy ties with Riyadh while also implementing significant reforms to Iraq’s oil policy. Prime Minister Ali al-Zaidi stated on Friday that Iraq had dispatched the group to Saudi Arabia to secure a higher OPEC output share. Baghdad intends to boost oil output from roughly 4 million barrels per day before the regional crisis to between 8 million and 10 million bpd within six years. The initiative is especially essential for Iraq, where oil remains the backbone of government finances, accounting for almost 88% of state earnings last year. Iraq is attempting to minimize its reliance on the Strait of Hormuz after delays to the waterway significantly impacted exports and government revenue. Baghdad intends to extend supplies via Turkey’s Ceyhan port while also exploring possible routes to Syria’s Baniyas and Jordan’s Aqaba. The Iraqi team included top Oil Ministry personnel in charge of upstream production, crude marketing, and economic affairs, as well as Iraq’s ambassador to Saudi Arabia, Safia Al-Suhail, who attended the sessions. The meetings in Riyadh highlight the significanimportance Baghdad places on its ties with Saudi Arabia, particularlyly in oil, finance, and regional economic cooperation. Iraq’s increased collaboration with the Kingdom may become more important as the country attempts to increase oil output, diversify export channels, and secure the cash required to fund wages, infrastructure, and other economic development goals.