Iran, Iraq Discuss Expanding Ties in Oil Sector
Date
5/11/2023 3:29:56 AM
(MENAFN) The Joint Supreme Committee of Iran-Iraq held a meeting on Tuesday, with the aim of discussing the expansion of bilateral ties in the oil sector, according to Shana news agency. The session was held a day before Iranian Oil Minister Javad Oji's trip to the Iraqi capital, Baghdad.
Ahmad Asadzadeh, Iranian Deputy Oil Minister for International Affairs and Trade, headed the Iranian party in the session. The meeting focused on exploring opportunities for bilateral cooperation in the development of joint fields, export of technical and engineering services, and implementation of memorandums of understanding (MOUs) in the oil industry.
The discussions come as Iran seeks to strengthen its ties with Iraq, a key regional ally, and boost its oil exports, which have been hit hard by US sanctions in recent years. Iraq is one of Iran's biggest customers for crude oil and has been working to expand its own oil production capacity in recent years.
Iranian Oil Minister Javad Oji's visit to Iraq, scheduled for the day after the meeting, is expected to further cement the two countries' cooperation in the oil sector. During his trip, Oji is set to hold talks with Iraq's Prime Minister Mohammed Shia al-Sudani, Oil Minister Hayan Abdel-Ghani, and Minister of Electricity Ziad Ali Fadel.
The expansion of Iran-Iraq ties in the oil sector could have significant implications for the region's energy market and geopolitical dynamics. As two of the largest producers of crude oil in the Middle East, Iran and Iraq are major players in global energy markets, and any changes in their production levels or export capabilities could have ripple effects throughout the region.
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