Iraq Rebuilds Energy Ties with Saudi Arabia Amid Oil Production Ambitions
The Iraqi Oil Minister, Bassem Al Abadi, made a high-profile visit to Riyadh on Friday, marking a significant step in rebuilding energy ties between Iraq and Saudi Arabia. Al Abadi pitched joint gas, power, and electricity projects to the Saudi side, which agreed to 'high-level coordination' and exploration of joint ventures.
The visit comes after Prime Minister Ali Al Zaidi cancelled his trip to Saudi Arabia in late July due to joint US-Saudi airstrikes on Iran-aligned PMF sites. However, Foreign Ministers Fuad Hussein and Prince Faisal bin Farhan spoke by phone earlier this week to push for de-escalation.
The renewed efforts between Iraq and Saudi Arabia are crucial as Iraq seeks to double its oil production from 4.5 million barrels per day to 8-10 million barrels per day, a target it has set for itself.