New Agreements Between Iran and Iraq

Iranian Oil Minister Javad Oji thanked Iraqi officials on Wednesday for the reduction in oil production, stating that the two countries have a joint stance regarding both OPEC and the broader OPEC+ group, which includes countries like Russia. According to official media, the minister's statements came after he signed several preliminary agreements with his Iraqi counterpart Hayyan Abdul Ghani in Tehran. Oji stated, "Iran and Iraq have a joint position regarding OPEC and OPEC+. We thank the Iraqi officials for the voluntary cuts they announced to improve oil prices. We have conducted negotiations on future issues related to OPEC and OPEC+" without going into further details. Oji expressed hope to begin developing shared fields soon. He added, "We have reached acceptable agreements regarding the renovation of Iraqi refineries by Iranian experts, and a committee has been formed to follow up on this matter." Iranian news agencies reported that the agreements signed in Tehran include memorandums of understanding for the development of shared oil and gas fields, particularly the Sinbad field in Iraq and the Khorramshahr field in Iran, without providing further details. Iraq announced that it would begin voluntary oil production cuts of 220,000 barrels per day from the beginning of January until the end of March as part of a broader voluntary agreement by some members of the OPEC+ group.