DUBAI: Iraq has formally denied “baseless” reports that it was seeking to opt out of some of the terms of the OPEC+ agreement to limit oil supplies.
In an official statement from the country’s Oil Ministry, a spokesman said the reports, based on quotes attributed to Oil Minister Ihsan Abdul Jabbar, were false.
“The Ministry of Oil would like to categorically deny this baseless statement, and affirm that, to the contrary, Iraq remains fully committed to the April OPEC+ Declaration of Cooperation, and the compensation mechanism agreed to in June, and will continue to work with all of the other signatories in our collective efforts to enhance the stability of global petroleum markets,” the spokesman said.
“Furthermore, Iraq’s conformity has exceeded 100 percent in August, and will continue to perform at this elevated level, while compensating in August and September for the previous overproduction of 850,000 barrels per day, in accordance with the OPEC+ agreement.”
Iraq, along with some other countries that have failed to meet agreed output limits, has agreed to deeper cuts in coming months to compensate.
“If the full compensation volumes cannot be made by the end of September, Iraq will request the Joint Ministerial Monitoring Committee (JMMC) to seek an expedited decision from the OPEC+ countries, immediately after the committee’s meeting on Sept. 17, for an extension of the compensation period to the end of November,” the spokesman said.
The JMMC — the ministerial-level body that meets monthly to monitor compliance with the OPEC+ agreement that is credited with rebalancing global oil markets — meets on Sept. 17 to discuss compliance.
Brent crude, the global benchmark, fell back to $44.25 yesterday.
Iraq denies ‘baseless’ reports about OPEC+ cuts
https://arab.news/92mr3
Iraq denies ‘baseless’ reports about OPEC+ cuts
- A spokesman said the reports, based on quotes attributed to Oil Minister Ihsan Abdul Jabbar, were false
- Iraq remains fully committed to the April OPEC+ Declaration of Cooperation, and the compensation mechanism agreed to in June,” the spokesman said
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
