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
Saudi Arabia approves annual borrowing plan for 2026
RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan on Saturday approved the Kingdom’s annual borrowing plan for the 2026 fiscal year, following its endorsement by the NDMC’s Board of Directors, the Saudi Press Agency reported.
The plan outlines key developments in public debt during 2025, initiatives aimed at strengthening local debt markets, and the funding strategy and guiding principles for 2026, SPA added.
It also includes the issuance calendar for the Local Saudi Sukuk Issuance Program in Saudi riyals for the year.
According to the plan, the Kingdom’s projected funding needs for 2026 are estimated at approximately SR217 billion ($57.8 billion).
This is intended to cover an anticipated budget deficit of SR165 billion, as set out in the Ministry of Finance’s official budget statement, as well as principal repayments on debt maturing during the year, estimated at around SR52 billion.
The plan aims to maintain debt sustainability while diversifying funding sources across domestic and international markets through both public and private channels.
Funding will be raised through the issuance of bonds, sukuk and loans at fair cost, according to the SPA report.
It also outlines plans to expand alternative government financing, including project and infrastructure funding and the use of export credit agencies, during fiscal year 2026 and over the medium term, within prudent risk management frameworks.
